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#Migration #Taxes #RealEstate If you’re fleeing a state – there are certain tax and financial mistakes that could cost you. Chris Whalen CPA joins me to discuss.
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Fleeing a state may seem like a quick solution for people who are struggling with high taxes or other financial difficulties. However, Chris Whalen CPA warns that this can be a huge mistake that can have long-lasting consequences.
One of the biggest issues with fleeing a state is that it can trigger taxes and fees that you may not have been aware of. For example, many states have exit taxes that are imposed on people who are moving out of state. These taxes can be substantial and can eat into the money that you were hoping to save by moving.
In addition to exit taxes, there may be other fees and charges that you will have to pay when you move. This can include things like vehicle registrations, driver’s license fees, and other expenses that you may not have considered. All of these costs can add up quickly and can make it difficult for you to justify the move, financially speaking.
Another concern when fleeing a state is the impact that it can have on your personal and professional relationships. If you have a job or a business in your current state, moving away may not be worth losing the connections that you have built up over time. This can be especially true if you have a niche business or a specialized skill set that may not be as valuable in your new location.
Finally, fleeing a state can be emotionally difficult as well. Moving to a new state can be stressful, especially if you are leaving behind friends and family members. This can lead to feelings of isolation and loneliness, which can be difficult to overcome.
Overall, Chris Whalen CPA advises people to think carefully before fleeing a state. While it may seem like an easy fix for financial problems, it can end up causing more problems than it solves. If you are struggling to make ends meet, it may be better to seek out other solutions, such as cutting expenses or finding ways to increase your income. With careful planning and a willingness to make changes, you can improve your financial situation without resorting to drastic measures.
Thanks for the video and the good information for folks looking to move.
It’s my thought that private equities, and corporations are fully going to benefit from lockdown policies, Oakland California still has a no eviction policy in place until August 2023, WTF happened to masks for 10-15 days to flatten the curve idea. It’s been 4 years now, you add in the other black swan events, and you begin to realize this was more about corporate control of markets, and government oversight & overreach.
In 2021 California had a budget surplus of 90 billion, that is gone now. Poor management decisions were made during the Plandemic by government on many levels, those policies contributed to the current budget short fall. That said they will continue to tax high even in light of the economic recovery that is completely non existent. The state is in major trouble, some state retirement plans will likely be in trouble in the next 5-10 years possibly less. Moral of the story you dug yourself a huge hole now you need to dig yourself out.
Taxifornia
It was be nice for the 3/4ths of WA, CA and OR to secede…make a compromise and give them DC?
Florida!!!????
Hot, humid, biting bugs, snakes, alligators, hurricanes….
Idaho is a lot closer.
And none of that other stuff.
Washington state is a horrible state go somewhere else yes we do have bears , cougars , and all the undesirable animals including Bigfoot.
They eat homeless people to even children.
And another set of truly saved Christians come to Florida. The Lord‘s been bringing us in! I’m assuming you’ll be up by me in the Ocala area because of all the animals in the farming?
I live in a suburb of a major metropolitan area in the southeast. I can tell you that blue staters are coming here in droves and are driving home prices through the roof. My wife and I have been searching for a home to purchase and have seen first hand what this "migration" is causing to once less expensive, less crowded cities. The demographics and politics are changing at an exponential and alarming rate. Our realty agents have stated they are seeing a great increase in folks trying to flee the area for more rural properties.
We left LA because of the increased crime and the psycho totalitarianism. We left right before they implemented the jab mandates in Sep 2021. Being locked down for 18 months totally sucked.
Corporate media won't tell you the truth.
This man doesn't do his faxs checking on where the money goes for the poor the workers for hrs gets most of the money unlike triggernometry for the rich
Indiana is a red state.
You do great work and i appreciate you. But, please no more. Stay and help fix your own state. Prices here are skyrocketing, traffic is doubling. Everything green is getting chopped down and burned to make ugly gated communities. We are getting overwhelmed.
My brother-in-law and his wife left Danville, CA to retire in the Nashville area. They sold their CA house for $1.85 million and bought a newer, larger and nicer house in the Nashville are for $750,000. They were fed up with paying high income tax, high property taxes and the filth of San Francisco whenever they went downtown.
The BIG losses to these $hithole counties and cities is for DECADES they received an indirect federal subsidy in the form of federal tax breaks for rich people who pay the lion's share of state and local taxes in blue $hitholes. The Republican Congress passed a $10,000 cap on deductions for state and local taxes, and as soon as that happened, the rich people who subsidized all the wasteful spending started fleeing to red states and out of the blue cities.
The rest of what's happening is related, but I think the cap on SALT deductions on federal taxes is the receding tide under the fiscal solvency of blue cities.
I just wonder if Blackrock and all the big money investors who bought into real estate at the peak are going to finally screw themselves. I think a lot of those properties will end up gong empty, and maybe – just maybe – the people who sold last year or this year, will end up being the winners. It rarely works out that way for prudent regular people.
Most of the taxes spent on poverty programs are eaten up by the bureaucrats administering those programs (all Democrats, by the way).
It's not that American taxpayers are selfish. But they only get 20 or 30 cents on each dollar taxed from them to help others. Let us keep our money and we'd have less poverty, except amongst the bureaucrat/aristocrat class.
They want to bring the cities to their knees because they are socialists.
I live in California. And one of the things I noticed they didn't mention was a portion of those fled the bay area and LA to other parts of California that were not as insanely restrictive. Of course where I am, I am seeing the town I grew up in go from rarely seeing homeless on the street to driving by at least 4 homeless, carts, tents on my 15 minute drive into work each day. Today I drove by a couple guys sitting on the sidewalk off a very major street looking like they were smoking something suspect. The drama probably didn't get out but some counties resisted the state's push and some areas were not as crazy restrictive. During the thick of it they had golf courses closed in the bay area … pretty much the absolute safest activity you could have done given all the unknowns at the time. They ended up driving to the Sacramento area to go golfing. Already seeing the impact and trying to think of a way to at least move out of the county I am in in California as the problems follow those coming from LA and the bay area.
For those not from California the crazy stuff is mostly along the coastal cities. When you go east to the foothills it is a very different California.
This isnt the state im referring to when i mean leaving the state.
Sincerely PJ Proudhon.
If the big cities are on their knees and then the woke brigade in washington come to the rescue they can take control. It leaves the obedient masses behind. If the wealthy conservatives leave, who will oppose the woke? Who will stand up to them?
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Alison, once you move to Florida you will be closer to the infamous Christina (Radix Verum) and you two can go on assignment together in the field. Take care & be safe!
thank you