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I want to retire in nevada,my sole source of income will be

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my pension,my 401k,the equity from...
I want to retire in nevada,my sole source of income will be my pension,my 401k,the equity from my home sale that i would use as a down payment for my new place in nevada.my wife and i would like to get a rental in Califronia to use when we come to visit. can i have a rental in our names to do this?
Submitted: 2 years ago.Category: Tax
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Answered in 6 minutes by:
7/24/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,724
Experience: Taxes, Immigration, Labor Relations
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Yes - you may have rental income from California.However if you will be a Nevada resident - ONLY Nevada may tax your retirement income - and because Nevada doesn't have income tax - your pension and 401k distributions woudl NOT be taxable for you.However rental income from the California property woudl be income from California sources - and as such will be taxed in California.
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Customer reply replied 2 years ago
no i want to rent a place in california so i have a place to stay when i visit
Tax Professional: Lev, Tax Advisor replied 2 years ago
If you will rent a place in California - that is OK.However - there will be a risk the California taxing authorities will be consider you as a resident...That may result additional tax assessment on ALL your income.While there is nothing wrong in renting dwelling - you woudl put yourself in the gray area - and that will make very hard to proof that you moved out of California and actually changed your residency.
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