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  1. #13
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...



    I don't think they claim primary residency in "tax friendly" states just to dodge taxes. They are from those states. Ray Lewis' offseason home was always Florida because he's from there. Same with Suggs/Heap in Arizona. Joe is from New Jersey and his entire family is there so that's where he lives in the offseason. Hell, NJ probably has a higher tax rate than MD. I'm sure roots, family connections and the place you have always called home are more important than saving a few bucks in taxes.




  2. #14
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    I think Flacco will still be able to get by.




  3. #15
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by Losac View Post
    I don't think they claim primary residency in "tax friendly" states just to dodge taxes.
    Have you seen the 30 For 30 documentary "Broke"?

    It talks about how numerous athletes do just that to avoid high tax states.
    WARNING: This post may contain material offensive to those who lack wit, humor, common sense and/or supporting factual or anecdotal evidence. All statements and assertions contained herein may be subject to literary devices not limited to: irony, metaphor, allusion and dripping sarcasm.




  4. #16
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by HoustonRaven View Post
    Have you seen the 30 For 30 documentary "Broke"?

    It talks about how numerous athletes do just that to avoid high tax states.
    I'm sure some do. But Flacco to me has always seems like a grounded, family-oriented guy. He said he still gets together with his family for pizza every Friday night and they all live within a few minutes from each other in Jersey. I can't see a guy like that moving to Florida just to avoid the high taxes in NJ or MD.




  5. #17
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by Losac View Post
    I'm sure some do. But Flacco to me has always seems like a grounded, family-oriented guy. He said he still gets together with his family for pizza every Friday night and they all live within a few minutes from each other in Jersey. I can't see a guy like that moving to Florida just to avoid the high taxes in NJ or MD.
    You don't have to physically move there, just buy property there and claim it as your primary residence.
    WARNING: This post may contain material offensive to those who lack wit, humor, common sense and/or supporting factual or anecdotal evidence. All statements and assertions contained herein may be subject to literary devices not limited to: irony, metaphor, allusion and dripping sarcasm.




  6. #18
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by HoustonRaven View Post
    You don't have to physically move there, just buy property there and claim it as your primary residence.
    I thought you actually had to live at the property X number of months out of the year to claim primary residency there. And who sets that rule, the IRS or is it different for each state?




  7. #19
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Florida had no state income tax. It was also a shithole and it took me forever to escape.




  8. #20
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by HoustonRaven View Post
    You don't have to physically move there, just buy property there and claim it as your primary residence.
    Technically, you have to become a resident and there are a series of tests that go into determining if you truly are a resident of you just own property there. Do you vote there? Is your car registered there? Do you have a license in that state? Do you spend more days in that state than in Maryland?

    The state tax officials are onto this sort of thing and it isn't enough just to buy property there. You have to spend at least 183 days out of Maryland and be able to show that you truly are a resident of a different state -- not just a property holder there. If all one had to do was buy property, I think many, many Marylanders would just buy property in Florida, New Hampshire, Nevada, etc. and never set foot there. Sadly, just buying property in and of itself doesn't work to get the Maryland tax man off of your back.

    I fully agree with Mista T on this one...




  9. #21
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by Losac View Post
    I thought you actually had to live at the property X number of months out of the year to claim primary residency there. And who sets that rule, the IRS or is it different for each state?
    Federally, I don't think you have to live anywhere for a certain period of time. But that could have changed. Hypothetically, nor could they ever find out anyway. For example, say Joe had a cousin in Texas and the cousin lived in a house that was under Joe's name. Joe can easily say "Yes, I live there from time to time" and there's nothing the IRS could do or say.

    From a state standpoint, yes, it's different. When I moved here from CA, I still had to pay a full years worth of state taxes for the 5 months I lived in CA that year.
    WARNING: This post may contain material offensive to those who lack wit, humor, common sense and/or supporting factual or anecdotal evidence. All statements and assertions contained herein may be subject to literary devices not limited to: irony, metaphor, allusion and dripping sarcasm.




  10. #22
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    I read that Flacco's combined income tax bill will be 52%. Not including the sales tax and excise taxes he'll pay on top of that. I wonder if that's higher or lower than their secretary's? Maybe Flacco needs Warren Buffet's accountant.

    But on the bright side (for Flacco at least) is that he can put the money in the stock market and pay advantaged rates henceforth, although Obama is mitigating a lot of the benefit of the long-term capital gains rates on the wealthy.




  11. #23
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by Hammerhead View Post
    Technically, you have to become a resident and there are a series of tests that go into determining if you truly are a resident of you just own property there. Do you vote there? Is your car registered there? Do you have a license in that state? Do you spend more days in that state than in Maryland?

    The state tax officials are onto this sort of thing and it isn't enough just to buy property there. You have to spend at least 183 days out of Maryland and be able to show that you truly are a resident of a different state -- not just a property holder there. If all one had to do was buy property, I think many, many Marylanders would just buy property in Florida, New Hampshire, Nevada, etc. and never set foot there. Sadly, just buying property in and of itself doesn't work to get the Maryland tax man off of your back.

    I fully agree with Mista T on this one...
    Agreed that that's what Maryland does and it stinks, but as I outlined above, there's nothing they can really do. Sure, they can ask you questions, but that doesn't equal enforcement.

    And I am speaking in generalities and may not be doing a good job at it. The 30 for 30 stuff did a good job at explaining it so I encourage you to watch it.

    Take Eli Manning for example. He lives in Hoboken, not NY, for the exact same reason.
    WARNING: This post may contain material offensive to those who lack wit, humor, common sense and/or supporting factual or anecdotal evidence. All statements and assertions contained herein may be subject to literary devices not limited to: irony, metaphor, allusion and dripping sarcasm.




  12. #24
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    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by HoustonRaven View Post
    Take Eli Manning for example. He lives in Hoboken, not NY, for the exact same reason.
    Ha, the Giants don't even live/play in NY.

    Not to turn this into a political debate, but I've just found that the states advertised as being "tax friendly" gouge you in other ways. Delaware comes to mind. No state sales tax but every road seems to have a toll. As for Maryland, I'm not a fan of high taxes like anyone else, but if it can do things like help improve the quality of our roads compared to our neighboring states, it can't be all bad. Look at the condition of the pavement on 83 as soon as you cross the PA line compared to how it looks in MD.




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