All The Reasons Trump’s Move From New York To Florida For Tax Purposes Could Be ‘Doomed’
November 05, 2019
Louis Vlahos was quoted in a MarketWatch article which discussed possible obstacles President Trump might face in his attempt to permanently move from New York to Florida for tax purposes.
Below is an excerpt from the article:
Trump’s move is not uncommon, especially among ultra-high net worth individuals over the age of 65. Billionaires tend to move out of states with estate taxes, according to a recent study by researchers at the University of California, Berkeley and the Federal Reserve Bank of San Francisco. The trend grows stronger as billionaires grow older, they said.
“Simply declaring yourself a resident doesn’t make it so… There’s much more to it, as many taxpayers find to their surprises” Vlahos told Market Watch. He also advised to keep track of phone bills and credit cards statements “Charge it; don’t pay cash… It establishes that you were there and not New York.”
To read the full article, click here.