Do not know if it went the first time clicked "get an answer" so sending again just in case
I have 3 properties. Residence address WI, work in MN and bought fixer upper condo by work 2 years ago for convienience, purchased fixer upper in FL last fall by my daughter and her children of where I am trying to make plans to move to. Still employed in MN.
estimated amounts owed on them: WI-$51K to bank w/payments $356/mo; MN-$22K payments $277/mo family member, and association dues $252; FL-$10K loan on my 401K through my employer. Extra debt-7K previous loan from 401K for my daughter's home and about $40K loan for her home in my name of which she is listed as having interest in the property as well on the deed.
both my children and their families live in the southern states and I would like to be down there with them and their children.
I would like to sell my WI property, use the money to pay off the loan owed on it and payoff the $10K through my employer on the loan for the condo There are no jobs to speak of down there, the unemployment nations high and the highest home forelosure rate of all the states.
Florida does not have state income taxes
. Wisconsin does have income taxes.
I am a full charge bookkeeper where I am at now.
For income down there in FL,
1)I will be watching her children before and after school and her newborn baby that is scheduled for delivery mid April days a week and everyother week-end. (she is a nurse and so does not have a normal m-f schedule with 7a-7p shift). Will be seeking to find 2 more children to watch for before and after school during school year season.
2)start a small home business of doing payroll-with hopes of just have 2 or 3 small clients a fews days of the week.
3)keep the condo in MN and use as rental property-may do this while living out of the area because the heat, roof, clearing of snow, and such are taken care of by the condo association and the bylaws state we can rent them out as long as our rental agreement is in line with the bylaws of the associationTax
daycare/babysitting income:the home I purchased was a foreclosed home, it does need elbow grease and money so I may use it to watch children in it.
payroll business: have been looking into getting this going. the American Payroll Associaton has a membership, training, and CPP certification of which is not cheap. at least on my current budget of transitioning with the properties. I would like to start getting the items with this association now, because the national testing for certification is only done 2 times a year and only issued in certain places throughout the US when they do.
condo-will need a little more elbow grease and money to rent out
for all the expenses to get the incomes mentioned above, if they paid out before my business is registered with the state, can I still use them as deductions
/expenses for them. Or do they have to wait and be dated after business is registered with state. If they have to be paid after business is registered, I would have to register all 3 with state of wisconsin because that is my place of residency, then disolve the business registered in WI, and register them in florida when I move. I will not be able to move to florida until my WI place sells, as it is where my funds to be able to move are tied up.
for the payroll business, I am looking into the LLC classification. Checking into this at the moment. It appears a LLC does their taxes separately during tax filing time similiar to a corporation, is this correct as well? the the rental cond unit and daycare goes on my individual taxes.
Does daycare and rental property need to registered and listed with the state of FL when I move down there?
Also, would I be able to deduct my moving expenses down there as well
thanks so much for reviewing and responding to my inquiry
I am sure I have talked in circles, but I am trying to look at my options and see how the cost of my plans may be used on my taxes for the business/income they are intended and used for. I am hoping I gave too much info, rather than not enough