I'm an OTR driver and I am selling my house. No wife or kids. I can move anywhere in the US that I want to. I plan on buying some land with a small house, or buying land and building a little place on it.
Where would you live to minimize state income taxes and property taxes? Any states with special rules about land or home ownership that are worth looking at?
Cities are not an option. Prefer small town or rural, with some sort of decent internet infrastructure.
So for income and tax purposes what state is best to live in?
Discussion in 'Experienced Truckers' Advice' started by Farmerbob1, Apr 22, 2018.
Page 1 of 8
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Throw out income tax states, and you're not left with many. Texas has a relatively mild climate (not a lot of seasonal downtime) and a robust economy driven by many different sectors. If you can't find something and some place you like in Texas, you're hard to please. For weather, taxes, wide ranging property and lifestyle types, Texas al the way. But don't be bringing any more BS liberal and socialist crap with you.
wldcrd73, AramatAz, CorsairFanboy and 13 others Thank this. -
KB3MMX, tommymonza and Farmerbob1 Thank this.
-
TN, Trucker friendly, No state income tax, good weather, middle of USA, 3 major interstates run through it. Freight coming in and going out. Hard to beat in my opinion.
Almost forgot to quote STexan "But don't be bringing any more BS liberal and socialist crap with you" -
Texas, Tennessee, or Florida. I used to live in Texas. The thing to watch out for there are property taxes. They can be very high is some places and very low in others.
One cheap way to live is to buy a boat and rent a slip. Some states have no property taxes at all on boats. Texas for example.CorsairFanboy, tommymonza, Paddlewagon and 1 other person Thank this. -
-
-
The seven states with no income taxes at all
As I mentioned, seven states in the U.S. have no income tax whatsoever, choosing to fund their state and local operations through other means. In alphabetical order, these states are:
- Alaska -- Not only does Alaska have no income tax, but it has no state sales tax either, choosing to pay for state expenses with its petroleum revenue. To make the deal even sweeter, Alaska residents also receive a share of the state's royalties, which amounted to $2,072 per person in 2015.
- Florida -- As a tourist-rich state, Florida brings in lots of sales tax revenue, which is enough to fund the state government. Local governments are funded through property taxes, which are above the national average.
- Nevada -- Similar to Florida, Nevada funds its state operations through sales taxes, and derives a large portion of its revenue from gambling-related taxes and fees.
- South Dakota -- The sales tax in South Dakota is just 4%, but the state has various use taxes that produce a lot of revenue.
- Texas -- State and local revenue in Texas comes from sales taxes, as well as from royalties on the state's oil and gas production.
- Washington (state) -- Voters in Washington rejected a proposal to implement a state income tax in 2010, choosing to deal with high sales taxes and one of the highest gasoline taxes in the country instead.
- Wyoming -- In addition to having no income tax, Wyoming doesn't have a corporate income tax either. Instead, state revenue primarily comes from natural-resource revenue (coal mining), as well as property taxes.
In addition to the states listed above, New Hampshire and Tennessee don't tax wage income, but do have a tax on dividends and interest income.New Hampshire collects taxes on dividend and interest income above $2,400 ($4,800 for joint filers), and offers additional exemptions for blindness, disability, and age. Tennessee collects tax on this type of income over $1,500 ($3,000 for joint filers).
So, while those who derive all of their income from their paychecks don't have to worry about state income tax, retirees and other people dependent on income from their investments do.
7 States With No Income Tax (and 2 More With Almost No Income Tax)JReding, KB3MMX, 06driver and 1 other person Thank this. -
Florida is out. Too many nasty storms, and too hot in the summer. Tennessee might be an idea though!
Zero taxes aren't required, I just don't want to pay out the nose. I've always liked Wyoming and western Nebraska. Northern Nevada too, but that's just driving through them. Never lived there. Don't know what the taxes are like.
Property taxes are important too. Doesn't Nevada have zero property taxes?
EDIT: I responded at the same time, or shortly after the excellent response above me!Last edited: Apr 22, 2018
-
Texas and Tennessee are also in the top 10 for 2017 cheapest cost of living. I like the previous posters idea of living on a boat in Texas. Galveston has some nice marinas but just make sure you have a hurricane alert app on your phone !
tommymonza, 06driver and Farmerbob1 Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 8