Millions of people each year move from one state to another. The financial and personal impact of buying and/or selling a home can be enormous. You should fully understand the tax implications before moving. You should legally change your state of residence and determine how that affects taxes on income, property, and your estate.
Once you’re a legal resident of your new home state, you can apply for incentives like homestead exemptions (if available). Make sure you’ve updated the address on your credit report. Investigate how the enforcement of certain legal documents like wills and powers of attorney might be affected.
Making your move early in the year may minimize the impact. Tax returns can be confusing when you’re claiming part-time residency in two different states during the year you move. Trust a real estate professional to help with selling, buying and moving, and seek advice from a tax consultant about the financial implications.
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