Julio Gonzalez
Leaving City Life For the Suburbs? Get Ready For A Major Tax Bill.
As the COVID-19 crisis continues, major US cities are experiencing mass exoduses. According to the Pew Research Center, 1 in 5 adults have either relocated due to the pandemic or know someone who has.
As suburban markets across the country experience a record jump in sales and over 13,000 NYC apartments remain vacant, families are looking for a permanent home outside major cities.
What are the tax implications of a move like this? What rules should families know before making that vacation home their permanent residence?