RitcheyRch
07-24-2006, 09:52 AM
http://www.nbc4.tv/money/9564479/detail.html
Californians looking to retire in the Silver State to avoid paying taxes had better be careful.
The Wall Street Journal is reporting several cases that show tax authorities are cracking down on those who appear to move here solely to avoid state taxes.
After California software entrepreneur David Duffield moved to the Lake Tahoe resort of Incline Village a decade ago, California hit him with a $19 million tax bill. The state alleged the billionaire founder of PeopleSoft merely moved shareholdings out of state to finance a wealthy home for himself without paying for capital gains.
Experts say California authorities have no qualms checking through credit card records to determine whether one's residence is truly in Nevada or California.
A former PeopleSoft executive who successfully made the crossover says if you move to Nevada with a lot of wealth you had better prepare to be audited.
Californians looking to retire in the Silver State to avoid paying taxes had better be careful.
The Wall Street Journal is reporting several cases that show tax authorities are cracking down on those who appear to move here solely to avoid state taxes.
After California software entrepreneur David Duffield moved to the Lake Tahoe resort of Incline Village a decade ago, California hit him with a $19 million tax bill. The state alleged the billionaire founder of PeopleSoft merely moved shareholdings out of state to finance a wealthy home for himself without paying for capital gains.
Experts say California authorities have no qualms checking through credit card records to determine whether one's residence is truly in Nevada or California.
A former PeopleSoft executive who successfully made the crossover says if you move to Nevada with a lot of wealth you had better prepare to be audited.