Quoted from vwallat99:
My state taxes my income 8% just for working here. I very much envy states like AZ or FL that have low or no state income taxes. Any break I can get.
The snowbirds really have it figured out.
Out here they spend half a year plus one day in their beachfront condo in FL & keep their home in the midwest. This is to avoid MO tax.
Since they're retired high rollers but risk adverse due to their timeline they often have both properties paid for. This also allows them to realize less income thus putting them in control of their tax bracket.
This also means they pay 0% tax on their first $100K of income.
A couple gets a $24K standard deduction plus 0% fed tax on the first $76K of long term cap gains.
Dang. $100K tax free is equal to the net of a $135K W2. In FL there's no state income tax! Thats damn decent cash when mortgage free IMO.
I'm an alarm tech/sales rep, not a CPA, so I glossed over some shit & certainly got something wrong. But I bet I'm damn close.
Anyway, you gotta diversify your portfolio with pinball machines so MBr is a must!