Non resident.

desertrat

desertrat

0_0
officeguy said:
If you are a non-resident, the title company will withold MD taxes from the sales proceeds and you have to claim them back on next years return.
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Thanks. According to someone who moved to VA a while ago all it takes is sending your tags back and registering your car and having an address in the other state.
 
O

officeguy

Well-Known Member
desertrat said:
Thanks. According to someone who moved to VA a while ago all it takes is sending your tags back and registering your car and having an address in the other state.
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I am just not sure you want to be a non-resident. You are going to owe MD taxes on MD source income whether you are a resident or not, if you are a resident, you can hold on to your money until tax-time next year. If they consider you a non-resident, they will hold your money until you can claim some or all of it back. Just the last big 'eff you' this state can give anyone who is lucky enough to escape.
 
desertrat

desertrat

0_0
officeguy said:
I am just not sure you want to be a non-resident. You are going to owe MD taxes on MD source income whether you are a resident or not, if you are a resident, you can hold on to your money until tax-time next year. If they consider you a non-resident, they will hold your money until you can claim some or all of it back. Just the last big 'eff you' this state can give anyone who is lucky enough to escape.
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Yep, but the year after that no tax at all to MD. It won't be much in 2015 if I drop out now. One down side is CO let's me only exempt $24000 of SS. I get about 4k more than that. It says MD does not tax it at all.
 
RPMDAD

RPMDAD

Well-Known Member
Ok guys and girls, i am getting a little confused here, has this here changed?? Not sure how much CG you made on the house DR. If this is valid, i am confused about the taxes???

" If the house you sold was your principal residence for any 24 months out of the past five years, it qualifies for up to a $250,000 capital gains exclusion ($500,000 if married filing jointly) "

http://articles.baltimoresun.com/20...rincipal-residence-gains-exclusion-tax-advice
 
desertrat

desertrat

0_0
Less than $240k. Plus if you reinvest ie buy another house within a year that wouldn't count anyway would it?
 
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RPMDAD

RPMDAD

Well-Known Member
That is what i have always thought dr. , however i am not a CPA, and am not sure if the md. tax code has changed or not. I would think you wouldn't owe any taxes, but i could definitely be wrong.
 
desertrat

desertrat

0_0
RPMDAD said:
That is what i have always thought dr. , however i am not a CPA, and am not sure if the md. tax code has changed or not. I would think you wouldn't owe any taxes, but i could definitely be wrong.
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Guess I'll find out. What about Fed Tax. I think they put capital gain on a home in again too. They didn't have it when I sold my AZ house anyway.
 
desertrat

desertrat

0_0
Yep rose from 10 to 15%. That's for high income types though. 0 to 15% for middle range and low range.
 
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vince77

Active Member
Go on the Md Comptroller site and see if your home in Maryland is still listed as your principal residence.Maryland is not the only state that does this. The tax is 7%
 
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MarieB

MarieB

New Member
RPMDAD said:
Ok guys and girls, i am getting a little confused here, has this here changed?? Not sure how much CG you made on the house DR. If this is valid, i am confused about the taxes???

" If the house you sold was your principal residence for any 24 months out of the past five years, it qualifies for up to a $250,000 capital gains exclusion ($500,000 if married filing jointly) "

http://articles.baltimoresun.com/20...rincipal-residence-gains-exclusion-tax-advice
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You can make a profit of 250k without having to pay capital gains tax
 
MarieB

MarieB

New Member
desertrat said:
Still have my D/L all they did was poke holes in it. Yes I returned tags, but that could mean I just quit driving. Guess I'll send my D/L back to MD and write the Comptroller a note. Been here since July
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They poke a hole in it to show its no longer valid, and I believe they notify the state of origin. It should have been replaced by the new license. You take up residency by getting a license, signing a lease or buying a home, paying utilities, changing address, etc etc


Here is what you'll need to do for the tax
http://taxes.marylandtaxes.com/Busi...olding_for_Nonresident_Sale_of_Property.shtml
 
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