Should I file as New Jersey or South Carolina Resident After Sale of Indiana Business?

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12

Jul


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Tom C asked:

I am about to sell a business that is located in Indiana. I will have profits from the sale that are fairly substantial. I own homes in South Carolina and New Jersey and spend large amounts of time at both. I have been filing as a New Jersey resident, but am fearful that there may be additional taxes associated with filing in NJ. Would it benefit me to file as a South Carolina resident, and if so, how is it best to prove such residency?

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SCSkipper says, July 14th, 2009   

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Regarding the taxation implications, I’d strongly suggest that you consult with a tax attorney as this is not the place to get such advice.

Regarding establishing residency, generally all you need do is change your NJ driver’s license to a SC driver’s license, change your voter registration to your SC county, and file a residency statement with your county tax assessor. South Carolina will gladly accept your tax money!

Again, though, you should consult with a SC tax attorney to ensure that you’re taxed in the state that is most advantageous to you.

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bostonianinmo says, July 16th, 2009   

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Your tax home is the one where you spend the most number of nights in the year. Unless you divided your time exactly in half, you don’t get to pick.

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