oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
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Mood: retired
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Income taxes - state/fed
As my retirement is getting closer I have been trying to get all the financial crap set so life can be tolerable.... I was recently advised to change
my residency to NV or similar state that has no income tax... the benefit over Idaho would be something in excess of 7%... Social Security will be the
largest source of income and I will have another smaller income from an old employer and a SEP account ... as I will be living in BCS for 7-8 months
per year I would like to avoid any unnecessary taxes.... anyone who has made this decision could provide me with good counsel.... maybe????
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Skeet/Loreto
Ultra Nomad
Posts: 4709
Registered: 9-2-2003
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Jack; Be carefull which State you select. Make sure about the amount of Property Tax in case you decide to Buy.
When my wife and I lived in Baja we filed opur Fed Tax as Non-resident, but still had to pay Income tax for Calif.
We have no income tax in Texas but a very high Property Tax.
Good Luck Skeet
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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oldjack,
Glad you asked the question because I've been thinking along the same lines so I looked it up.
If SS is your main income you'll be in a lower tax bracket. There are many options to chose from if you're free to select a state.
See:
http://www.taxadmin.org/fta/rate/ind_inc.html
http://articles.moneycentral.msn.com/Taxes/best-and-worst-ta...
http://articles.moneycentral.msn.com/Taxes/Advice/PropertyTa...
All types of taxes considered, Wyoming looks like the cheapest.
[Edited on 9-29-2009 by k-rico]
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Skeet/Loreto
Ultra Nomad
Posts: 4709
Registered: 9-2-2003
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To both of You.
Do not overlook Health Care.
I have lots of Confidence in the Mexican Health /Medical system especially the General Hospitals.
La Paz has very good Medicals as well as Constitution, and with the new hospital and increase in People Loreto should be a good location.
the Mexican Hospitals do not have some of the latest Machines but they make up for it in Knowledge and Compassion. So check out where you go and
become aquainted with a good local Doctor. Cost are very small.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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Great point, skeet.
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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Eventhough I live in Mex full time I need to establish a real residence in the US, for reasons peculiar to my situation. So I need to buy or rent
someplace cheap somewhere.
Maybe Detroit, that's cheap. 
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oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
Member Is Offline
Mood: retired
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my thought was that I would maybe use my brother's home in Las Vegas as my permanent address... and he has volunteered to forward my mail to me.... so
I am thinking that property tax will be a non-issue as I do not plan on a house.... The mail forwarding services I checked into would run a few
hundred dollars/year... I don't need that expense...
I will be subscribing to the Mexican National Health Service program as soon as is allowed... I am currently using doctors/services in San Jose now
because of the cost savings...
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Jack....just be informed that if you transfer your vehicle registration(s) to a Las Vegas address you are subject to an annual emission
inspection.......now including diesels
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oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
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Mood: retired
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my cars will be registered in Clay County, SD... two are now the other will be upon retirement!!!!!!!!!!!!!!!!!!!
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Riom
Nomad
Posts: 492
Registered: 12-17-2004
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If your vehicles are registered in SD, that would be a logical place for your "residence" also (no state income tax) - keeps your profile much lower
having matching DL, plates and "home" address (you'd have to travel there for the DL).
Some of the mail forwarding places there (needed for the residence, not for the plates yet) are only $100-200 a year, and you could use it just for
official mail and have the personal stuff sent to LV to keep the forwarding costs down.
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LaTijereta
Super Nomad
Posts: 1192
Registered: 8-27-2003
Location: Loreto
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How does SD handle car insurance on yearly basis if the car is not in the state? Is it required like in CA for the car, even though that car has
yearly mexican insurance?
I am following the registration & DL senerio, but this another pc of the puzzle
Democracy is like two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.
Ben Franklin (1759)
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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| Quote: | Originally posted by LaTijereta
How does SD handle car insurance on yearly basis if the car is not in the state? Is it required like in CA for the car, even though that car has
yearly mexican insurance?
I am following the registration & DL senerio, but this another pc of the puzzle |
SD does not require proof of insurance unless vehicle is operated on streets or roads in the USA and then you just have to carry it. Calif, AZ, NV
require electronic notification of insurance coverage or cancellation. A real waste if car is never in the US and the insurance is useless.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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I think that you are doing the right things by asking the questions beforehand and not just jumping into things blindly. I think it is very important
to visist some of the health facilities and doctors and educate yourself as to what is available. We hit that situation head on and were forced to
come back to the United States for treatment because of a serious lack of facilities and availability. You have to decide if you are a little
overweight and have high cholesterol, would you be willing to have open heart surgery in your area? No right answer here, but try to make the
decisions beforehand.
Same thing with banking, as SS and the other accounts you mentioned will automatically place the money in your bank accounts, but as has been
discussed here numerous times, do you have to pay ATM fees to access the money you need.
I have a friend who receives my mail and the things that look important are put in a large envelope and forwarded to those people who might be
coming down at any given particular time. This system has worked well and allows me to stay pretty well on top of things.
Having any things I do have to pay on automatic withdrawl has been very helpful as well as having internet access so that I can move monies, check
accounts, etc.,
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osoflojo
Nomad
Posts: 378
Registered: 10-29-2004
Location: c.s.l./b.c.s.
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Why not a tax home in Mexico, it has nothing to do with vehicle registrations or Drivers Licenses for that matter. For 17 years my vehicles were
registered in one state, my drivers license in an other and my US insurance in a 3rd. No thing. With my tax home in MX I do not pay state tax on my AZ
retirement either. Check a bit further. Suerte...............
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YARDSAIL
Junior Nomad
Posts: 63
Registered: 10-30-2007
Location: LOS BARRILES,BCS
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k-rico...Check out "Americas.mailbox.com" in South Dakota in Rapid City
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