My spouse and I moving in 2024 and have questions about part year residency and which states we should pay taxes to. We plan to sell our CO house in May, take a couple months to travel, including a 30 day stay in WA, and then plan to rent a house in MA for the remainder of the year after August. Throughout the year we will have monthly investment income (interest and dividends) and capital gains as we need cash. We have no employment income.
It's unclear to me when our residency in CO officially ends. Is it only once we establish a domicile in MA even though we won't have a domicile in CO after May? Or does our residency move with us as we travel between states? My understanding is that it won't move with us to states we are simply passing through, including our 30-day stay in WA, since we have no intent to make that our permanent residence, but if that is the case, which state are we residents of during that travel time from May-August?
Thanks so much for the help!
It's unclear to me when our residency in CO officially ends. Is it only once we establish a domicile in MA even though we won't have a domicile in CO after May? Or does our residency move with us as we travel between states? My understanding is that it won't move with us to states we are simply passing through, including our 30-day stay in WA, since we have no intent to make that our permanent residence, but if that is the case, which state are we residents of during that travel time from May-August?
Thanks so much for the help!
Statistics: Posted by kaprecht — Mon Mar 25, 2024 10:17 am — Replies 1 — Views 110