take in order to establish residency? And what would I need to do... switch driver's licence, etc.? Thanks in advance
Thank you, Mansur... that definitely answers my question. Thankfully I'm not going to college, so I guess I have until the last day of the tax year to figure it out.
Thanks to all that helped me... it truly is appreciated.
Have a great weekend, SKCgirl
Strangely enough, this definition may vary depending on the issue. The official State definition is the following:
http://individuals.marylandtaxes.com/incometax/status.asp
However note that the Department of Motor Vehichles (DMV) or schools could have a different definition:
http://marylandlaw.blogspot.com/2007/03/maryland-residency_26.html
http://www.ubalt.edu/template.cfm?page=485
Consult your tax advisor for tax advice. In general taxes are a bigger issue for non-resident sellers rather than buyers.
That said, first time owner occupant home buyers in Maryland are exempt from paying State transfer taxes. Many counties will also have breaks in transfer taxes for owner occupant first time buyers.
I'm thinking of establishing residency to avoid the additional taxes involved. No divorce, school, etc. I hear that if you are not a Maryland resident that there are additional costs.
Thanks for the offer, Bill, however, I'm not ready to buy yet... probably not until early/mid 2010, so it's probably pre-mature to get any listings at this time. And that's why I'm wondering about the residency now, as opposed to after I find my "dream home" and realize I should have dealt with this months ago. I heard someone once say that you need to have been established (meaning Driver's license, etc.) for six months before considered a resident. Not sure if that was correct or not.
Thanks in advance for all your help...
You do not have to be a resident to purchase in Maryland - we have lots of programs available to first time homebuyers that qualify for an eight thousand dollar tax credit.
Tell me what you are looking for, and I can email you information on properties - saves you lots of time!
And welcome to Maryland - I just moved here 11 years ago from Atlanta Georgia area.
Bill Wootan, Leader of Team One
Century 21 H T Brown Real Estate
301-893-6207 (Direct Office)
240-416-0283 (Cell)
What is it you're trying to establish residency for? When you relocate to Maryland, that's establishing residency. If you're talking about residency for in-state tuition that's another story. If you're talking about establishing residency to file a divorce or something, that's another story. What is it you're trying to accomplish by "establishing residency" besides just establishing residency?
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