Real Estate

Thinking of moving to a tax-advantaged state? Take these steps

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Mireya Acierto | Photodisc | Getty Images

It’s not unusual for wealthy taxpayers to relocate from high-tax states to low-tax states. There’s evidence in population trends: Texas and Florida — neither of which have a state income tax — were the states with the biggest population increases from 2020 to 2021, according to the latest U.S. Census Bureau data. Much of that growth is coming at the expense of higher-tax states such as California, New York and Illinois.

These days, it is very common for wealthy families to own residences in more than one state, making relocation even easier. However, the reality is that any state that does have an income tax, and in which an individual owns a…



Source cnbc.com

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