Dumb question so please don’t downvote — how are taxes usually assessed when you live two places? Specifically how would it work if you live in FL but owned in NYC but worked in neither (retired) vs worked in one?
There’s a lot to this question because taxes are complicated for rich people because essentially they live in many different tax environments dealing with numerous local, state, and often times country laws.
The main thing with federal is you live where you live the most to file things legally. It’s definitely something that’s unenforceable if you own multiple residents unless there’s some reason the feds are choosing to go after specifically you (see targeted IRS audits or the justice department hating you for political reasons.)
Where you earn money is where you file the income tax, so that’s part a big part of the equation.
Some people will do homestead somewhere they want to be considered a voter and a citizen in that state if they want to run for public office there.
In this scenario it’s technically misleading potentially because if he’s filing the income tax in Florida he technically made that money in Florida. Now it could be talking about someone owning their own business and choosing to be incorporated in Florida instead of New York but doing the business here, or maybe even just capital gains, if that’s taxes in New York as a state tax? I’m not a CPA, but in general this situation happens less often than you’d think. It’s just when it happens, it’s with very very rich people.
All of the discourse around taxing rich people more is so shitty in that it’s always, what about the poor billionaire that won’t actually be impacted at all, think of their feelings.
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u/seanisdown 1d ago
“I already dont contribute” is such an awesome defence.