Potential Tax Savings

The Nevada side of South Lake Tahoe is a great area to purchase real estate to be used as an investment and/or your new residence.  If you are earning an income we would like to see you become a “remote worker” with Nevada residency.  Nevada has no income tax and very low property taxes.  A move to Nevada from a state like California may get you away from California Income Tax requirements and into a much more tax friendly situation.

Here is the 2012 California Tax Rate Schedule and and a link to the 2012 CA Franchise Tax Board Calculator to be used for a quick reference so you can see how much you owe in California Income Tax based on your salary (Click here for 2013 California Tax Rate Info).  Also, here is the link to more information about the 2012 California Tax Rates and Exemptions

Most concentrate on how much they get back after filing their taxes, but the key number to understand is how much state income tax you are required to pay.  Our goal is to help lower your required amount of income tax with a move to Nevada.  Before you pick up and move make sure to read the Forbes article written by Robert Wood which outlines a list of factors to consider when determining new residency.

Do I Need To File CA Taxes?

CA NonRresidents and Part-Year Residents

Determine Residency

The links below will give you some background information comparing the tax climates in Nevada and California.  Lets say you are paying $8,000 per year to California for Income Tax. Our suggestion is you establish residency in Nevada, work remotely and save the +/-$8,000 per year.  Matter of fact, your +/-$8,000 savings would pay a good portion of your $200,000 Lake Tahoe, Nevada real estate purchase costs for the year (Real Estate Purchase Cost Scenario Chart).  

California and Nevada Tax Info

Bankrate Tax Guide for Nevada

Bankrate Tax Guide for California

Douglas County, NV Property Tax Specific Info

Nevada Secretary of State The Nevada Advantage

Nevada Secretary of State Business Portal

Article comparing a South Lake Tahoe area purchase—- Nevada vs California

CA Prop 30 Increases Home Sales on the Nevada Side of Lake Tahoe

Californians Flee to Nevada to Escape Taxes, Agents Say

Nevada Ranked Third in the Tax Foundation 2013 State Business Tax Climate Index

Forbes Article Californians Moving Assets to Lower Tax Burden Regions (AZ and NV)

CA Gas Tax To Rise July 1, 2013

NBA’s Dwight Howard Potential Tax Burden Outlined- California vs Texas

 

BE CAREFUL States are Chasing Down Non-Residents For State Income Taxes— “Jock Tax”

Taxes: Cost Of Being a Professional Athlete

The Jock Tax

Checking the Numbers

Michael Jordan’s Revenge: The Jock Tax

 

***Launch Lake Tahoe, Inc. does not guarantee the accuracy of tax or real estate related information and recommends each individual verifies with his or her personal tax attorney and/or real estate attorney.

State & Local Taxes & Fees for Wireless Service

Posted by on Dec 31, 2013 in Blog, Investment Property, Real Estate Investor, Real Estate Rentals, Second Home, Tax Related, Telecommute/Work Remotely, Why Lake Tahoe, Nevada | Comments Off on State & Local Taxes & Fees for Wireless Service

Based on the information provided by the Tax Foundation there are major cost differences for wireless service and each state is different.  California’s tax and fees for wireless are 10.95% and Nevada’s are 2.13%.  These percentages do not include the additional federal fees at a rate of 5.82%.  In addition to all of the other fees and taxes you find in California…. this might be another reason for you to move to Lake Tahoe, Nevada.  Link to breakdown of cell taxes and fees by state provided by the Tax...

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Heavenly North Unit For Rent

Posted by on Nov 20, 2013 in Backyard Activities, Blog, Heavenly Mountain Resort, Real Estate Rentals, Ski & Snowboard, Tax Related, Telecommute/Work Remotely | Comments Off on Heavenly North Unit For Rent

Launch Lake Tahoe has a 2 story, 2 bath, 1 bedroom rental unit coming available 12.16.13.  This unit is next to the Stagecoach Lift and Boulder Lift at Heavenly Mountain Resort.  When is is not snowing the Tahoe Rim Trail is an easy 5 minute walk from the front door.  The unit is in Stateline, Nevada and outside of California income tax claws.  Lake Tahoe is 6 miles from the unit.  Please contact us if you are moving to the area and need a rental unit.

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Most Tax Friendly States for Business

Posted by on Oct 13, 2013 in Backyard Activities, Blog, Investment Property, Real Estate For Sale, Real Estate Investor, Tax Related, Telecommute/Work Remotely, Why Lake Tahoe, Nevada | Comments Off on Most Tax Friendly States for Business

Here is an article from the USA Today which examines the most tax friendly states for businesses.  Nevada is listed at number 3 after Wyoming and South Dakota.  -The Tax Foundation’s 2014 State Business Tax Climate Index graded all 50 states based on more than 100 measures that reflect how competitive a state’s tax policies are to both large and small businesses. The report considered state income, corporate, property, sales, and unemployment insurance tax policies. We strongly believe in Nevada’s tax structure and work to get people into real estate specifically in the Lake Tahoe area of Nevada.  The article highlights the benefits Nevada provides business, but it is important to note that individuals also benefit by having Nevada residency.  If you are looking to make a move to a more friendly tax climate (Nevada) please contact...

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772 North Bowl Lane Unit A For Sale

Posted by on Aug 30, 2013 in Blog, Heavenly Mountain Resort, Investment Property, Real Estate For Sale, Real Estate Investor, Second Home, Tax Related, Telecommute/Work Remotely, Uncategorized, Why Lake Tahoe, Nevada | Comments Off on 772 North Bowl Lane Unit A For Sale

Here are the MLS Remarks for our 772 North Bowl Lane  Unit A Stateline NV 89449 Listing– This newly remodeled condominium is one of few properties in all of Lake Tahoe with combination of panoramic lake views, 5 minute walk to a chairlift & Tahoe Rim Trail, and located in Nevada with no income tax and low property tax (property taxes for this unit are $2035.00 per year). Enjoy every Lake Tahoe sunset and approaching storm from the comfort of this home. Set your alarm to catch first chair at the Boulder or Stagecoach lift at Heavenly Mountain Resort on powder days with an easy 5 min walk/ski from the front door. Take a 5 minute walk from the unit to access area trails and the Tahoe Rim Trail for hiking and mountain biking. Lake Tahoe access is 6.5 miles and the S Lake Tahoe Casino Strip is 5 miles from the unit. Nothing was overlooked in the remodel with high end upgrades throughout (broken slate floor, knotty alder kitchen and bar cabinets, quartz counters, master bath walk in shower with pebble rock floor and 6 foot Jacuzzi Tub). Entertain guests with a wet bar with custom kegerator + tap beer delivery system, and custom built-in area for wine fridge and wine...

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Gov J Brown Wants To Raise Payroll Taxes In California

Posted by on Aug 20, 2013 in Blog, Second Home, Tax Related, Why Lake Tahoe, Nevada | Comments Off on Gov J Brown Wants To Raise Payroll Taxes In California

This article examines the new proposal in California to raise payroll taxes paid by employers.  Employers interviewed in the article suggest this rise in tax will cut into their bottom line.  How about moving the business to Lake Tahoe, Nevada? From the article– Most business owners I spoke to were not happy with the proposal, which would increase the taxable portion of wages from $7,000 to $12,000 over two years and increase the top rate from 5.4 percent to 7.1 percent. Some executives said it could even be the last straw before their firm decides to expand in another state like Texas or...

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Californians Moving To Nevada to Escape Taxes

Posted by on Aug 14, 2013 in Blog, Investment Property, Real Estate For Sale, Real Estate Investor, Second Home, Tax Related, Telecommute/Work Remotely | Comments Off on Californians Moving To Nevada to Escape Taxes

Here is another article suggesting Californians are running to Nevada to escape taxes.  The article provides quotes from Lake Tahoe Realtors who say they are selling homes in Lake Tahoe, NV to people from all over...

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Dwight Howard Tax Burden California vs Texas

Posted by on Jul 5, 2013 in Blog, Second Home, Tax Related, Telecommute/Work Remotely, Why Lake Tahoe, Nevada | Comments Off on Dwight Howard Tax Burden California vs Texas

Here is a great article that explains what might happen with Dwight Howard’s tax burden if he chooses to play in Texas or stay with the Lakers in California.  The author breaks down the proposed taxes owed per year in each state for D Howard.  Phil Mickelson was the first athlete to be vocal about California’s decision to raise the taxes on high earners.  We encourage you to make a move to Lake Tahoe, Nevada.  Nevada is considered a “tax friendly” state with no income tax.  We recommend you save tax money by moving to Nevada and use the savings to buy real estate and purchase items/toys that help you enjoy the backyard...

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California Has Highest Gas Tax in the nation

Posted by on Jul 5, 2013 in Backyard Activities, Blog, Second Home, Tax Related, Telecommute/Work Remotely, Why Lake Tahoe, Nevada | Comments Off on California Has Highest Gas Tax in the nation

On Monday, California raised the gas tax more than 3 cents. Drivers in California pay the highest gas tax in the nation at 79.9 cents when you combine state and federal taxes. It has been suggested California felt a need to raise the gas tax because lower overall gas prices in 2011 and 2012 have reduced the amount of tax collected over the time period. If you need any help making a move to Lake Tahoe, Nevada please contact Launch Lake Tahoe, Inc. Visit  www.launchlaketahoe.com for more information about buying property for Nevada residency. If your job will allow telecommuting or remote working you can move to Lake Tahoe and put Lake Tahoe activities in your...

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How Much Do I Need To Make To Purchase A Vacation Home?

Posted by on Jun 22, 2013 in Backyard Activities, Blog, Heavenly Mountain Resort, Real Estate Investor, Second Home, Tax Related, Telecommute/Work Remotely, Why Lake Tahoe, Nevada | Comments Off on How Much Do I Need To Make To Purchase A Vacation Home?

According to the National Association of Realtors, the typical investment-home buyer in 2012 had a median age of 45 and earned $85,700 — and about half of them got a mortgage to help with financing. In addition, there are vacation spots across the country where home prices are still down 23% to 44% from 2008, where median existing home prices are under $140,000. —- Link to Article How much do I need to make to purchase a vacation home? As suggested in the article you do not have to make $200,000 per year to purchase a vacation home.  You can create a vacation rental for additional revenue to help with carrying the unit.  Can you telecommute for your primary job from your new purchase in Lake Tahoe?  How much could you save by becoming a Nevada resident?  The Stateline, Nevada values are still down as suggested in the article.  Rough numbers suggest we got hit 40% from the peak and are probably still down 30% off of the peak prices.  Now is the time to pick up a ski condo next to the Stagecoach Lift at Heavenly Mountain Resort.   We are seeing many people from California make the jump to the Nevada side of Lake Tahoe to escape state income taxes.  Please let us know if we can help you make the move to the Heavenly North...

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Vacation Rental & Second Home Rental Income

Posted by on May 24, 2013 in Blog, Real Estate Investor, Second Home, Tax Related, Why Lake Tahoe, Nevada | Comments Off on Vacation Rental & Second Home Rental Income

Do you want a vacation home, but need it to provide rental income when you are not using it?  The National Association of Realtors suggests 92% of vacation home buyers in 2012 are planing to rent out their purchase.  In addition, the same group said 11% of all residential purchases were second homes in 2012.  Here is an article outlining some of the hurdles  you will need to overcome.  You may be required to put down 20-30% when financing the property, you may need additional insurance and  you may need to disclose your intent to rent with your...

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