How To Leave Your California Residency Forever
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- Опубліковано 16 сер 2023
- California residency has been proven to become a liability, especially as an Expat. I will show you the step by step process of leaving your California residency and domiciling in the state of South Dakota.
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Special Thanks to my friend's Mo and Hannah for introducing me to SD/America's Mailbox, go check out their channel - • We Became South Dakota...
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As an American who currently lives in Miami who has travelled a lot and lived in other countries. I have the same view that America has deteriorated dramatically post covid. You can have a much better life in Asia or parts of Europe. So many people are moving to Florida and I’m getting out and living abroad soon.
It's not because of the Wuhan flu, it's the party in charge.
I have met several Americans from Florida who migrated to Asia in the past couple of years. The irony.
@SHIFT_DEL .me too exactly. From Southern California to South Florida
.
Texas is so much better. Insurance companies are leaving Florida. While property taxes are high in Texas, everything else is cheaper here than Florida. The gem in SE Asia is Vietnam or Cambodia. Thailand is too expatty if there is such a word. 😅
@@inquisitvem6723 I just came back from Cambodia, and I loved it. It reminded me of Vietnam 10 years ago. However, I am unsure if Cambodia and Vietnam will ever be as fun as Thailand due to the communist government. Thailand legalized weed. That says a lot about the vibe of a country. 😉
Bay Area native here, Santa Clara to be exact and I have literally seen this state become worse than a third world country and it is absolutely appalling!! Back in the day, I would go to the City just about every weekend to enjoy everything it had to offer and it was a place you can be proud of. Today? You couldn't pay me to go there and it's a damn shame what was once a beautiful city has become, a total disaster riddled with crime, theft, drug abuse out in the open, homelessness, gargabe everywhere and yes, human feces to a point where they literally have an app to tell you where to avoid feces! There are no words to describe the horrific condition this city/state is in and unfortunatlely, it will continue to decline even more so if these radical, leftist lunatics are in power and people continue to vote them in!
Voting is rigged
You need to go live in a turd world country before you compare it to California! You are way off base with this stupid comment? Duh!
@@commonsenseisntcommon1776 Don't say that now they'll throw you in Jail if you do.
@@robertnew4568 Yet... Keep voting Dems and wait. Cancer tends to spread.
@@cb2022 Politicians aren't elected...they are appointed.
Great info Forrest. Thanks for sharing.
Some great information, thanks Forrest!!
Thanks for this Forrest!!
This is VERY VALUABLE INFO!!!👍 TYSM for sharing ❤
Thank you bro, this is one of the most useful pieces of information you share so far.
Fantastic Information and a really good video. This video really touched home
Man you are awesome. Love your videos. Thanks for sharing this and about your family.
Great info. Thanks dude.
Great move. I agree will all you say. Thanks for your honest thoughts. I moved from Illinois to Florida 3 years ago, and I have to say much better and significantly safer. The next stop is Thailand in November-till the next video.
Two words:black crime....
Welcome you in advance!🙏🇹🇭
@@jomontanee Thank you, bunch can't wait.
This was very helpful thanks.
Very good video and info Forrest! I know exactly what you are talking about because I’m a current Bay Area resident who is ready to escape. I always thought of TX, NY, and FL but never SD. But after watching your video and doing some research about domiciling options in other states, I have to admit you found a gem with SD. SD was on my radar for years in regards to setting up a business, they are one of the best options in the USA. Like you I will relocate internationally and I am beginning to see there is a very good and cheaper option than the more popular domicile targets. Thanks for the enlightenment!
NY is NOT on the list. It's a HIGH tax state.
Life long (50+ years) resident of CA's capitol city, you are 1000% correct Forrest about the vibe here. CA used to be a great place during the 70s and 80s, but sometime during the 90s things changed and its been going downhill ever since. I wasn't aware of S. Dakota as a domicile option, definitely "off the radar" compared to FL and TX which are getting more & more attention, its something I will look into. My plan is to relocate to SE Asia eventually, retirement is still a few years away. Financially the numbers aren't quite where they need to be, but its getting close. I hope the excrement doesn't hit the rotating oscillator too soon.
You and I sound sound like long lost brothers in California. I just turned 50 and was born, raised and spent my entire career here. Im ready to jump ship when my finances allow in the next 3-5 years. SE Asia seems like a no brainer to relocate to and domicile in a no tax state. I don’t think I watched a UA-cam video so closely as this one.
I hate living in California. I'm working on Thailand also. Think they will impact exit.
Thank you for this 💫
Good job and very informative video.
Am also an immigrant and can 100 percent relate to this video of yours .. bailing out of California and can’t do it fast enough at this point. We’ve lived there since the 1960’s
Love your work. Keep it up.
Great Video! luckly I already from a state I don't have to worry about. Good info and very informative!
Great video. Your wrap up at the end (the last 3 min) was terrific for life in general. (Bless your Dad too.)🙏🏼
Thanks for being you Forrest and telling it like you see it. Peace in man. ✌🏼
Thanks! I’m not planning on moving just yet but I’ll definitely keep it in mind when the time comes.
Awesome, thank you! I've been looking forward to this video.
I was just watching news of a string of carjackings in Castro Valley moments ago. Stressed on purging 30 years of stuff, but ecstatic to finally be leaving San Francisco.
Thanks for your honesty.
Great information! Thank You! I also appreciate your perspective, and your story! Cheers, from a former Bay Area resident, and prospective US expat/Thai resident. 😊🙏
Nice heads up thanks
Great! Love the honesty…
Forrest. Thank you for this video. I am a New York State resident and will be moving to Thailand in a few months. One of the things that I've been researching is that when you do your US taxes you have to declare a state of residence.... even as an expat. I had thought of changing my residence to Florida, but South Dakota sounds perfect. I think I'm going to make a side trip to SD while visiting family before I head off to Thailand. Thanks again
Nys is super aggressive you need to have no ties to nys by selling everything
@@chinobonito30 a lot of digital nomads are making money in Thailand. People can work remotely without getting caught pretty much.
@@robertnew4568 I call them digital nomads wannabes if they are just pretending
Thank you for this. I am thinking of leaving Cali. Hoping to retire to Thailand and have been following you and some others. This is very useful info . Thank you much🙏🏼
Thank you for information
I moved to Nevada 3 years ago, or as I put it - I escaped from behind enemy lines. Just not paying Kalifornia state income tax pays my rent for a 2 bedroom, 2 bath house with a 2 car garage, which is less that what I paid for STUDIO in Santa Rosa. I got my CCW immediately as well. I still work for the same company and have to go to a couple of our offices there once or twice a month and every trip is a reminder on how great it is to NOT live there any more. I'll be retiring to Thailand in a few years and can't wait!
May I ask if your income is really high (>$300K?), or just living in a low cost city in Nevada? I'm making around $200K, and not paying 'Kalifornia' income taxes (~$15K) would not even cover a 1BR in Vegas for the year.
@@apark8787That’s what I was wondering. There’s no way he was paying that high of state income tax to cover rent like that unless he was making high 6 figures. I get his point though.
Thanks for your words man !!!!
Thanks for this video and tips, Forrest. I'm in SF right now and will move over to SE Asia in a couple years. Will look into making SD my state of domicile as well.
Okay, you’ve motivated me and beyond!! Everything you said is 100% true, plus worse if your here longer!!! On my way to SD!! Thanks buddy!!
You are doing a very important public service,sir...
THANK YOU
Very clever brother! I respect your decision!!
Forrest
Great topic as we doing that exact process you just did.
Living and doing business in California it has become a heavy burden on us.
We are actually on our way out to Philippines/ Thailand as we will split our time between the two countries.
My hat goes out to you.
Keep up the great work.
Happy Travels !!!
E
Just subscribed after watching your videos since March 2020. I watched this video when I was in Singapore last week after a direct flight from Newark NJ. I arrived at Bangkok yesterday and trying to setting in for the next 6 months in Bangkok to see if I want to retire in Thailand. My family situation is closely to yours. My parents (born in China), my sister & I emigrated from HK to the South Bronx, NY in December 1970. My parents owned a Chinese/Spanish restaurant in the South Bronx for 28 years until they retired. For me, I sold my retail business & now I'm here in Bangkok. Hope we can touch base in the near future. I can say I'm the old Grumpy Chinese uncle. By the way, I contacted Sophia after your last video with her but didn't get a response. In addition, realtors do not like to work with 6 months rental, min 1 year rental. I got mine thru Airbnb.
Great move! I was in similar situation like you. Instead South Dakota, I bought a home in Florida in 2021 and sold my California home in the Bay Area in 2022. I quitted my tech career and moved to FL in 2022 as well. Since I have a home in FL, it was easy to break away from CA by filed a sworn Declaration of Florida domicile with the Clerk of the Courts and obtained Florida driver license. Year 2023 will be my first full year without paying California Franchise Tax, saving me more than 10% state tax. Btw, I did vote to recall Gavin Newsom in 2021. After he survived the recall, I had to plan my migration out of California. In a few years, my next adventure is to move to Puerto Rico for Act 60 to eliminate federal tax completely. "Go where you're treated best", quoted from Nomad Capitalist.
I guarantee he was recalled! But voting is fcking rigged!
@az9043 are you sure you can eliminate federal tax by moving to Puerto Rico? Aren’t US citizens taxed worldwide no matter where they reside?
Look into this. You end to start a business and it is not just moving there that is tax efficient
@@Fzrox303 I'm not a tax adviser. If you're serious, talk to Puerto Rico tax lawyer. Although U.S. citizens are subject to worldwide taxation, from whatever source derived, IRC section 933 provides an exception for residents of Puerto Rico. Under that section, bona fide residents of Puerto Rico can exclude their Puerto Rico source income from U.S. federal tax. Generally, under IRS 937 and the regulations thereunder, a bona fide resident of Puerto Rico is an individual who: (1) Is physically present in Puerto Rico for at least 183 days during the taxable year (2) Does not have a tax home outside of Puerto Rico during the taxable year; and (3) Does not have a closer connection to the United States or a foreign country than to Puerto Rico. Under Act 60, if you're an investor, trader, and/or cryptotrader with high net worth, you have access to a tax haven, 100% tax exemption from Puerto Rico taxes on all dividend and interest income and short- and long-term capital gains accrued after becoming a qualifying new resident.
thank you, i will do this asap
Thanks for the info, it's a lot easier than what i was planning to do😅🤙
I just returned from South Dakota with my new SD driver’s license. I was a resident of San Francisco until I moved to Mexico City last year. This video was immensely helpful. I stayed at the same hotel and went to the same DMV to get my SD driver’s license. Thank you Forrest!
I totally agree with you Forrest. I too lived in Cali but would never go back. Now I live in Thailand and I love it! In my humble opinion, Thailand is how America (in general) used to be. Thai people grow up appreciating a good education and a good job. I wish America and California could be like Thailand is now. Keep up the great work here on your channel. Thanks
this info is so GOLDEN on the "how to do" process. I appreciate videos like this and hope you can dive in more with other expat tax stuff if we make money overseas while living in Thailand.
I'm glad to hear you to explicitly express your view point. Fortunately US is large and there are places to escape into.
I was born in China, since my childhood, the elders in my family have told me many stories about our family, from the Communist Party taking over our city in 1949 to the late 1970s. During this period, our family was scattered and struggled to survive under the rule of the Communist Party. They confiscated our assets, land, houses, and everything you can imagine. They labeled us as a "black five categories" family （landlords,rich farmers,counter-revolutionaries, bad elements, rightists) because we used to be wealthy. Some of our family members fled to Taiwan and Hong Kong, so we were considered "guilty" for having connections there. My grandfather was imprisoned twice during the Cultural Revolution, and they even placed him in a cowshed with animals, tortured him. But he remained strong and survived.
In the mid-90s, we finally immigrated to the United States, Everything seemed wonderful… However, the reality now is far from the ideal place we had in our hearts. Seeing this great country deteriorate saddens me deeply. Two years ago, we decided to move to Thailand. Now, my family and I are living in Bangkok, cherishing every day here.
Not to diminish your family tragedy, but California is on par with China if not worse accordingly to Forrest. lol
Great video
Great video! I hope more people take action and follow your advice!
Yes, take his advice and go to SD, not Thailand!
Im still here and you are 💯
I am planning to leave this state soon. Great video.
Thanks for the Great info and content. I will be retiring to the Philippines at end of 2023. I was in the Cebu, PH for 60 days May-July 2023. I have lived in the SF bay-area for over 35 years. How soon should I put the South Dakota residency plan into action prior to my move to the Philippines?
I just found your channel.. Subscribed !!
Forrest thank you so much, I am also from CA. So do I have to live in South Dakota a certain amount of time to declare residency. I am also in Thailand. Thanks in advance.
Forrest, what I am wondering about mainly is your banking. You must have had to notify your bank of the new address, and in time they will send you new bank cards when your current ones expire. How is that handled? Does that service mail those out to you (possibly for a fee?)
Many people living in Thailand have both a Thai bank account and an account with Citibank, which operates, and has branches, globally.
The last minute advice is the best. I agree and do the same.
I just saw where California has Renounced Forest Lee ! Wow!
Hi, this is the first time I’ve seen your channel. I live in Los Angeles and plan to fly to Phoenix in a couple of days. I’m going to the Mexican consulate to try to get my temporary visa, so that I can retire to La Paz Mexico in Baja next year. I am looking into doing exactly what you did but in Nevada. My mother and daughter live there and it’s easy to get to. Any reason why you picked S. Dakota over Nevada?
Thanks brother
Hey Forrest. Just happen to see one of your videos of you going back to CA a few days ago and watched the one reuniting with your sister. Just curious of what your friends and family think because they do still live in CA.
Hey Forrest , thanks for your video about your change in state residency to South Dakota.
FYI, you don’t need to use all the profanity to impress people
I fled the Bay Area to Houston in 2021. Thai husband loves the southern hospitality and hot summers, though this one is brutal. I agree with you completely about the direction CA is heading. Awful. I miss my people. I miss the landscapes. Nothing else.
Yeah you better not be voting for more democrats in your new home….
Crime in Demorat Houston is out of control too
The suburb where I live is OK, thankfully.
I totally feel that too... I'm online business owner and planning to relocate to Bangkok next year around April. I have a question, what you did also applies to Las Vegas? Cause I'm Las Vegas Resident but once I move to Bangkok next year, I won't have home address... how does that work? For the record, Las Vegas NV doesn't have incone tax so that's a good thing.
Thank You for making this video. I just moved to Arizona from California a few years ago. I grew up in California from 1949 to 2016. And it "Was" a great State to live in but not anymore. Really like your video's on Thailand - plan on visiting this "Dry Season". I'm Thinking/Looking to move out of the USA. Looking at Mexico/Costa Rica that I've been to many times. My Niece has been to Thailand 4/5 times visiting her Cousin who has worked in Bangkok since 2004.She is very impressed with how clean , safe and easy it is to get around there. Again thank You for all your good and helpful information.
hey Forrest, wondering why you didnt just choose Nevada? Seems their requirements are also relaxed with the added bonus of proximity to California.
After you go to the South Dakota dmv how long does it take to physically get your new license? I don’t want to hand out there for weeks waiting to get it
Did you have to turn over your California DL card at the South Dakota DMV, or did they just hole punch the expiration date on the CA DL?
I visit California (Northern and Southern) alot with work. In the late 80's it was great. After that i noticed Cali was in decline. Crime, insane regulations for business etc. My friend has a Delivery Service with 10 Vans(gas powered and customized) and now Cali tells him he can only drive them 100 miles per week or replace with electric. He told them he normally drives each Van 150 miles per day. They said "too bad, sell your Vans and buy electric". He said "who is going to buy my customized Vans with these Regulations"? They said "thats your problem and try selling them out of State". He doesnt have the capital to replace with all electric and says he will most likely see his 15 year old business fail. I have nothing against electric but not everyone can afford to switch over, especially the Mom and Pop small delivery businesses. I think the plan is to get rid of the little guys so the big guys can thrive
Wow! That is totally insane!
Does the US driver's license you surrender have to be current and valid or can it be expired?
Hello Forrest, I am currently in the process of finishing my working life here in Northern California and Thailand is seriously on my radar. Q1) Have you encountered ANY static at all from The Franchise Tax Board of California by your changing your domicile to South Dakota? Q2) Can you recommend a town for a retired expat that is looking for a "soft landing" spot to get acclimated with the new environment? I would like to add that my immediate needs would be several different types of nearby budget restaurants that offer a variety of different cusines. I want to feed my face without a lot of hassle. I also don't want to be up north where the burning season is worst. Any thoughts or opinions would be greatly appreciated.
Well spoken
I moved to California in 1976, went to UC Berkeley, and worked and retired from UC Berkeley in 2011. I’ve seen the changes in California over the years. Living in CA over the years was good to me but I retired to Thailand in 2017. I didn’t have any complaints about CA. I just found Thailand and Bangkok to be a more interesting place to be. I get that people may not like what CA has become but be sure you really want to be in the place that you are going to. It is not all about money though the favorable exchange rate is nice whatever your income. Moving overseas is not for everyone. Don’t come here expecting it to be like the US only better and cheaper. Be willing and ready to adapt to a very different culture.
I continued to maintain my ties to CA, including paying CA taxes, for my first 2 years in Thailand just in case things didn’t work out. I stopping paying CA taxes 3 or 4 years ago. The CA FTB lists the type of ties it considers as personal ties to the state of CA for tax purposes. I have no property in CA and plenty of evidence that I have been retired and living full time in Thailand for over 6 years. As a retiree I don’t feel a need to do as Forest did but if you are of working age it makes a certain amount of sense to consider the tax state you reside in whether you move overseas or not.
As a Boomer I take the perspective that you should build a career and earn your American $$ and wait until retirement to move oversee. America is still the best place in the world to make money. However, I realize it is a very different work world than went I went to work in 1980. And I do feel a touch of envy at the young people exploring the world that I only saw on the occasional 2 week vacation. Good luck out there.
was at cal 90's, lived near telegraph and channing way. miss my college days, but don't really miss berkeley; campus and northside was nice, but outside was kinda a hell hole actually.
@@natetran9987 I went to UCB from 1976-1983, off & on. One thing I can say is that there has been a lot of construction over the years and the campus is much improved in my opinion. I visited the campus a couple of months ago.
The most leftist college in America
Berkeley is a special place. A fantastic college town in the boring East Bay. UCB 1975.
Interesting video! Nice work breaking down all the steps and necessary bits of paperwork. How does voter registration work? Does that service screen junkmail?
Amen, brother!
thank you for your thoughtful analytic perspective on my home state. i accepted a high tech job in a utility company in the san francisco bay area in in 1985. at that time, if 5 people were laid off, the story was a front page headline in the san francisco chronicle newspaper business section. in 2010 after some national mergers, management took aim at california employees and removed every job from the state and sent the work mostly to india. the san ramon corporate headquaters, a massive bldg with 4 X wings 1/4 mile long brim full of employees in its heyday is now empty. interesting while that evacuation of employment was occurring, i did not see ONE story iabout this in the newspaper. in fact, the san ramon newspaper had an achievement award for the most productive businessman. the winner was, you guessed it, an indian immigrant who was offshoring those jobs. yes, indeed. the times have changed.
Do banks and portfolio accounts accept these SD mailbox addresses? I need to retain these while living abroad.
Yup! I’m already out, and I can’t express how much I feel. 100% agree with you!
Forrest,
I am a California resident and I have been following your channel for awhile and I am also fascinating about your move to Thailand which I see there are many benefit. What type of residency Visa did you establish in Thailand in order to stay long term (not month to month basis)?
Good intel there - Gobro where your treated best !
- The new modified 60’s song is now titled “California Leaving” ! I was living there in the late 70’s when it was a paradise and went back recently to visit and I will sum it up as parasitic. 🤮
As a Canadian I can say very similair things happening up here. Our westcoast area (Vancouver etc) we call them canadas California the policy’s, affordability, crime etc. are all just about on par
Looking forward to be able to find a new country to call home one day.
Hongcouver you mean
@ForrestLee - Good for you taking the action you did! Please let us all know how everything works out longer term. I know of a guy who did a similar conversion to a TX residence, and still had some issues with his investment firms due to his not having a TX based phone number or permanent address (can't remember which or perhaps it was both).
TX?
Texas
I'm currently flying to SE Asia, halfway way over the Pacific Ocean right now. Its nice to have wifi on the flight.
Been waiting for this video, I'm currently living in California. Have the same opinion about the state. Just a few more months to go and i will be doing the same thing.
What do you plan to do if you are called for Jury Duty?
I think you would renew your S.D. license every 5 years. The first time can probably be done online. At the 10 year mark you might need to be physically present.
I will be avoiding $1700 a year in California state tax if I pull enough to fill the 12% tax bracket from my tax-deffered accounts (401k).
@@richard9492 Thank you.
I definitely won't be bringing any California values to Thailand because I'm retiring to the Philippines. And I won't be bringing California values there either.
Having lived in various southern eastern states for 13 years I've been tracking California's downfall since I first left in 2000. I only came back to CA recently for a tech job.
What's really sad is family members that have no clue what they are missing by not leaving.
@@richard9492 I'm glad you found Thailand to your liking.
It's possible I could work remote, but I'm not sure where company policy will be next year. And no telling where the economy will be either. The company is doing well and no signs of mass layoffs to satisfy Wall Street expectations.
Working remote is not a priority now as I delayed retirement about 18 months to build cash reserves and see if the stock market was going to have another 20% downturn this year. So I only plan to work remote if I'm bored.
1. Did your US bank have any issues with a PMB address? 2. At the DMV, did they test each eye individually or both as a whole? 3. Vagabond Awake interviewed a guy that said, after changing domicile, you should still file 3 years of non-resident tax returns in California. Do you recommend that? TIA
You should consult a tax adviser on the filing requirements, but from my understanding you don’t need to file a tax return in a state where you have no ties (no job, don’t live there or own property).
I'm in SF. It's unbelievable. I'm too g to retire in Thailand and SE Asia. Thanks for the video.
Likewise and it's such an overrated shithole even before the pandemic.
Got a coworker who moved all out of Cali to the east coast. Quality of life for him and his family have 100X
I 100% get you growing up in OC things have changed a lot the last time I was there.
tis may be a dumb question Forrest, can you still drive in Calif while visiting with out of state license
Yes, all states recognize other state’s drivers licenses. I believe Canada does as well.
Well said....I left too and only miss the weather and food....
I'm doing this before I move to BKK. Thanks a lot
Thank you!
The CA legislature is right now contemplating passing a bill that you are responsible to CA for 10 years post moving away. You're right "Action, Action, Action" Have a business in CA and it has become insane.
Sounds like East Germany....forcing people to stay inside the communist state. The Berlin wall was there to keep people in, not keep people out and California are putting up their own "wall" - an economic wall.
Personal income tax is even higher than the US but you do not get anything in return. Less than 6% of Thai pay personal income tax. My wife's uncle returns to Thailand after retirement, he has pension 1,500 USD/Month which is enough to live peacefully here.
How come Thai personal income tax is higher than USA? Are you paying Thai tax? I make more than 1 M a year and I pay 20-30K THB tax per year due to tax exemption on buying RMF (pension fund) every year.
I have a similar California story, and I found the hard part was getting California to “let go” and recognize your change of (tax) status. If you have any connection or evidence of resident pattern, such as investments, professional service providers (lawyer, accountant, investment advisor) Ca. can deny your assertion. You didn’t mention this, so can you comment please?
Thanks for sharing about your family and past. Glad you escaped the Left Coast!
Good information...kop mak😊
My wife and I have been spending Winter is Thailand since we retired in 2008 Our virst visit to Thailand was in 1987. We totally get your frustration with the situation in America, with Calfornia being one of the worst. Luckily for us, we moved out of a fairly large West Coast city that is as ugly as they get 18 years ago, and so happy we did. We also moved to a low tax burden state, so living half and half between Thailand and the USA is working for us.
My questionis how do you deal with visa's. Did you spring for an Elite Visa or are you on a Multiple entry tourist visa (you appear too young for a retirement visa) and playing the extension/border crossing/flying game? The Visa issue, from my long term perspective of someone whose first visit to Thailand was 1987, is the most difficult part of full time residency in the land of smiles. Thai requirements for their retirement visa are driving some expats out of the country. Many embasies will not provide the 'proof of income' documentation that is now required and to some it appears as though they are purposely making it difficult to stay in Thailand. We have hopes that someone will see that making it difficult to stay long term, supporting the Thai economy is not a good thing.
hey there Forrest, good stuff on your vids...
It would have been interesting to see a video on why you had to or think you had to do this. I am a USN veteran from Michigan and I have never had any problems at all with living in South Korea and Thailand since 2005 and not owing Michigan tax after the last year I physically lived there even though I still am registered to vote there. Michigan has physical presence/domicile tax residency rules. IRS fully accepts my address in Thailand. In fact, IRS doesn't care what address you use other than which of their regional offices they want you to file a physical tax form with and your eligibility for the foreign tax exclusion. Note: If any American has American passported children it may be beneficial to file US taxes and not use the foreign tax exclusion (if you aren't making a lot of reportable income) as you can actually get refundable tax credits for your children and have the US government send you checks.
Do you still own any property in MI? Curious if you still don't pay MI state taxes but own real estate there that you rent or hold...
@@EP-qi8ed If you own property you may be liable for property tax, dependent on your personal details. I was talking about personal income tax filing. Of course, if you made less than $5000 plus additional exemptions you also aren't required to file. State of Michigan even has a nice cheat sheet here: www.michigan.gov/taxes/-/media/Project/Websites/taxes/2022RM/IIT/Michigan_Return_Determination.pdf
Great information. I am a Chinese American from San Francisco living in pattaya for 18 years. I agree with everything your saying.
I'm confused a little-lets say I have a great job as an x ray tech here in Los Angeles -so you suggest I get up and leave and work in Thailand -will I still pay taxes to Uncle Sam
I live in Concord, California, and I can't get out of here fast enough two more years, and it's Thailand for me.
were you having to pay California taxes the past few years abroad or just Federal as an expat?
I paid CA my first 2 years in Bangkok. I wanted to make sure that the move overseas was going to work for me. Moving overseas is not for everyone. Don't burn CA bridges unnecessary.
yup i agree what you have to say
This is an outstanding video, Forrest. Well done. I just booked a call with you to go over my situation. Thanks for the great content.