The link to the article in Bloomberg below reminded me of a client who wanted to change his Domicile to Florida but was having a hard time letting go of a cherished item from his previous place of residence (in a northern state). In his case, it was his resident-based membership to a local country club that he held for over 30 years. After explaining to him that this one membership might be a defining factor the IRS could use to disprove his intention to domicile in Florida, and that the cost of fighting an audit would pale in comparison to the money he saves on the resident-only rate for membership at the club, he quickly nodded and said he’d cancel the membership. Besides, there are literally thousands of lovely golf course and club membership options in Florida.

The article discusses five real-life situations where high-net worth individuals found themselves in a conundrum when it came time to file income taxes:

https://www.bloomberg.com/news/features/2019-03-04/rich-people-find-it-hard-to-flee-states-targeted-by-salt-limits

Share This

Share This

Share this post with your friends!