Gambling With an Edge - tax professional Russell Fox
Where you live when you matters — and not just because you want to be close to the beach or a golf course.
State taxes can take a bite out of your retirement income, one reason why some retirees decide to pull up stakes when they stop working and search for a home with better tax breaks.
The obvious answer is to head to one of the seven states with no income tax Alaska, Washington, Nevada, Texas, Florida, Wyoming, or South Dakota.
But some of those states have highwhich you also need to consider.
Ultimately, the best state for you — and your retirement money — depends on your personal situation.
These 12 states offer some pretty sweet tax breaks to retirees.
Tax information is fromtheand state departments of revenue.
New Hampshire New Hampshire has no general income tax.
Plus, there are no state and local sales taxes.
Next: We head south to a state that offers tax breaks to retired military.
South Carolina South Carolina is friendly to veterans.
Those tax perks, along with good job opportunities for veterans and a high share of veteran-owned business, are among the reasons named South Carolina the fifth-best state for military retirees.
For non-military retirees, the tax picture is more mixed.
There are some exemptions on retirement income, a homestead exemption for homeowners over 65, and no tax on Social Security benefits.
Property taxes are virginia gambling tax rates for retirees low, too.
Next: An island paradise with lower taxes than you might think 3.
Hawaii Hawaii has low property taxes.
The notoriously expensive state actually has the lowest property tax rate in the country 0.
And retired homeowners might qualify for a partial exemption.
But you might end up paying big to live in paradise in other ways.
Though pensions, Social Security, and some 401 k income is exempt from state income tax, taxes on other income can be as high as 8.
Next: This state has no income tax.
South Dakota South Dakota has no state income tax.
You will have to pay sales tax on most items, but at a combined state and local average of 6.
Lower-income retirees might qualify for a freeze or reduction in their property taxes.
The state also ranks 37 out of 50 states for property taxes, according to the Tax Foundation, with an effective property tax rate of 0.
But Nevada makes up for its low taxes in other areas by charging fairly high sales taxes.
The average virginia gambling tax rates for retirees state and local sales tax is 7.
Next: Retirees worried about property taxes should head to this Southern state.
Then, retire to Alabama.
Homeowners over the age of 65 are exempt from all state virginia gambling tax rates for retirees taxes, though you might have to pay county and city property tax.
But you will pay a 5% income tax on money from IRAs and 401 k s.
Next: Recent changes in the tax code have made this state friendlier to retirees.
Tennessee Some taxes are phasing out in Tennessee.
But for years it did tax interest and dividend income, which was bad news for retirees with lots of investments outside of their retirement accounts.
Now, that troublesome tax is.
The gradual phase out begins in 2017, and by 2022 the tax will be completely eliminated.
The virginia gambling tax rates for retirees has also eliminated its estate tax.
Unfortunately, the combined average state and local sales tax is 9.
Mississippi A lot of retirement income is tax-exempt in Mississippi.
Sales tax is 7% in most of the state.
Next: Life is peachy for retirees in read more next state on our all free online poker games for fun />Georgia Georgia residents enjoy much of their retirement income tax-free.
If you do have to pay income tax, the top rate is 6%.
Some retirees qualify for property tax exemptions or deferrals.
The combined state and local sales tax average is 7%.
Next: Venturing off the mainland can yield some surprising tax breaks.
Puerto Rico Living in Puerto Rico has plenty of tax advantages.
The biggest is the ability to.
Next: This state is a well-known haven for retirees.
Florida Retirees flock to Florida for a reason.
Florida has no state income tax, so all your retirement income — whether it comes from a pension, Social Security, IRA, or a part-time job — is tax-free.
The state sales tax is a low 2.
Alaska Alaska offers plenty of tax breaks.
Some local governments in Alaska do charge sales tax, though at an average of 1.
Not only are state taxes pretty low across the board, but retirees can actually make money by moving to Alaska.
Video 25 - Taxes on Gambling Income
Springfield Democrats move to kill the state's flat income tax.. to enact a progressive tax to pay for increased spending and pensions, and. of only two states (with West Virginia) to lose millennials between 2010 and 2015.
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