Those who envision a liquidity event, work from a home office, or travel extensively may find a Nevada address is one way they can reduce their tax exposure. Californians can often significantly lower their taxes when they move across the border to Nevada, which has no state income tax, no business tax and no inheritance tax. Clear Creek is also located in the county with the lowest real estate taxes in the state. Now that the new federal tax bill limits the deductibility of state and local taxes to a combined total of $10,000, a move to Nevada might be a prudent choice.
Though a move is still a move at the end of the day, the distance for some Californians is minimal and has the potential to provide major payoffs every April in years to come. We realize it’s hard to bring yourself to think about taxes so soon after Tax Day, but come up and visit us at Clear Creek Tahoe, take a deep breath of our cool mountain air, and consider where you want to be next spring.