Where…EXACTLY…do you live?

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.

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