Recently, hedge fund manager, Julian Robertson, avoided $27 million (yes, million) in New York City taxes. He was able to prove he was outside the city and, therefore, not a resident of the city. How did he do this? His assistant kept detailed records of his time.
Many of us may not be able to save $27 million of income taxes. But if you have more than one home, you'll need to establish residence. How do you do this?
– Live there more than six months a year.
– Register to vote.
– Get a driver’s license.
– Register your vehicles.
– File your federal income tax return in that IRS district.
– File any required state income tax returns.
– Have your will and trusts in that state.
– Use this as your mailing address.
ACTION ITEM: Keep meticulous records as to where you spend your time.
