Is there anyone here that either is fulltiming or has fulltimed from NC? We are in the planing stages and have 1 major question. We want to set up an exit plan. The idea is to buy a piece of land, have utilities brought in, and put up a steel building big enough to house a 5'er and later build an apartment in. Does owning property in 1 state make you a residence of that state? We would rather have SD as residence for tax purposes etc, but would eventually end up back here in NC.
Comments from all are welcome, but those that have been there done that are most appreciated.
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We also have residency in SD and have considered buying property in Flordia. My understanding is that simply owning property in a different state does not make you a resident -- it depends on how long you reside there. Best of luck.
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There are residents, part time residents and non residents. This does NOT apply to ACTIVE MILITARY Personnel.
Residents usually own homes, work, bank, vote, etc. in their State. In other words they are maintaining a "relationship" with that State.
Part time residents may own property in the State, may work and file taxes in the State but otherwise maintain no other relationship with that State.
Non residents may own property in the State but other than that have no other relationship with the State.
The actual terminology is where you are "Domiciled" or "State of Domicile". This is the State you choose to establish your relationship with. This means, to a full timer, that you will license your vehicles there, have a driver's license from there, do your banking there, voter registration (absentee ballot, file taxes, (State, if any, and Federal) and have almost all your correspondence sent there. It is not necessary to own property in your State of Domicile. The litmus test appears to be establishing your INTENT to make (insert State here) your State of Domicile. The link below is a good article concerning the steps and pitfalls of changing your State. Remember, changing your home state also affects things like resident/non resident fishing and hunting licenses, school tuition etc...consider all options, decide if it's best for you and have at it....here's the link...good luck...Dennis
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edited 08/05/12 02:05am by Executive *
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While we are getting our plan together, some things get murky. Some of this will wait till the end because of our daughter and her colege ambitions. If she goes out of state, then it doesn't matter, if she stays in state, the property my go in her name to give her domicile.
Thankfully we have time to figure out how this will all take place..
Then yet Dec 21 2112 is looming large.....hehehehehehe
I will be doing the same thing. We are selling out to go fulltime shortly. If we decside we would like a small property back here in NC, I will put it in my kids name. They will be getting it some day anyway. I thought also if I have big medical bills someday, they can't take my property for bills, it don't belong to me.