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Californians Fleeing Tax Hike Need To Carefully Prove New Residence

It is easy to love California, but its high taxes? Not so much. And it just got worse as California Voters Sock It To The Rich. Some will head for the exits before selling real estate or a business, taking a company public or winning a large legal settlement. Here are a few tips culled from 30 years of tax practice in the Golden State.

A California resident is anyone in the state for other than a temporary or transitory purpose. See FTB Publication 1031. Plus, it includes anyone domiciled in California who is outside the state for a temporary or transitory purpose. The burden is on you to show you’re not a Californian.

Source: Forbes. Read full article. (link)

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