E.B. (Evie) Solomont

speaker
85 appearances 1 recordings 1 series first heard Oct 2021 last heard Oct 2021

E.B. (Evie) Solomont’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months
No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment
WSJ Your Money Briefing · Owning a Second Home Raises Tricky Financial Questions · 28 Oct 2021 podcast
They'll have their bills and other important documents go to one house.
And that's a really important way to designate and keep clear which is the primary home.
Right, that's the catch.
There's no such thing as a co-primary home, even if you are living somewhat, roughly, equally in two different places.
You're only able to designate one primary home, even if you're splitting your time.
between two.
The main thing is that for tax purposes, your income is taxed based on your state of domicile and where you live.
You don't want to be taxed in multiple places.
If you live in one state and you work in another, some states may tax your income for the
But in general, you don't want to live in, say, New York and have another home in Chicago and split your time and then both New York and Illinois tax your income.
There are also benefits to declaring a primary residence in a different state.
First of all, the tax rates vary.
vary.
There's also benefits to designating a primary residence because state income tax and state property tax is very state to state.
For example, some states have homestead exemptions that would be, you know, for Florida and Texas, for example.
And so there are certain tax benefits there.
In some places, a primary home is protected by limits on property tax increases.
And
But if you have a primary residence and it's been your primary residence, there are certain capital gains exemptions associated with selling a primary residence.
So that's also a really significant benefit to designating one property as your primary home.
Showing 21–40 of 85 · page 2 of 5 ← Previous Next →