Tax question regarding having two residences in two different states
Thanks for your help, I don’t know if this is even something you look into, but I thought I’d ask anyway, “tax question regarding having two residences in two different states”.
I just purchased a second home in Colorado and live there part-time and part-time in Illinois, let’s say 60% in Illinois and 40% in Colorado. The problem is how do I fill out my tax forms because, each state’s 1040 Tax Form asks this question for “part-time” residents: “Enter the dates you were a resident of Illinois, Start Date xxxx and End Date xxxx, and enter the dates you were a resident of Colorado, Start Date xxxx and End Date xxxx.
I typically live a month or so, in Illinois and then a month in Colorado, so how do I answer that specific date question?
Thanks for your help in this matter.
Terry Says
The state where you spend at least 6 months is your residence — and where you pay state income taxes if that applies (and where your estate will be probated, opening you to potential estate taxes down the road).
YOu can either enter a long list — or just divide the months 60/40 and assume they are not checking at this point — especially since each state has an income tax.
But I suggest you purchase an app called Tax Bird to track your comings and goings in case you’re ever questioned!
Meanwhile, count on a heftier bill from your accountant!
