Working & renting in one state and owning a home in another
January 6, 2013 8:15 PM Subscribe
My husband and I are moving to NYC for work, but we own a condo in MA. Should we try to maintain MA as our legal, permanent domicile or should we just give in and call that our second home? What are the implications of working & renting in one state and owning a home in another?
posted by isthenewblack to Work & Money (9 answers total) 1 user marked this as a favorite
Background: we've lived and worked in MA for the last 14 years; all our friends and my family is there. 18 months ago Mr. ITNB started commuting to NYC each week for a new permanent job, and I start a permanent job in NYC this month. We have signed a lease to rent an apartment in NYC, but we are also hoping to keep our condo in MA, and expect to stay there an average of one weekend per month. We've crunched the numbers and can make the budget work, so that's not a concern at this time.
The NYC thing is pretty exciting and we're committed to giving it a go for a couple of years. Longer term, there's a fair chance we could return to MA. Are there any advantages to keeping the MA residence as our permanent domicile, or is that an emotional hangup and logistical hassle that we need to get over?
Condo rules: Our initial consideration is that we need to avoid shifting the owner-occupancy rate for our condo building, which I am led to believe we can do by maintaining our unit as either a domicile or a second residence. We are hoping to have a roommate or two to defray the costs and keep it from sitting vacant while we're away. Are there any major flaws with this plan?
Car/License: If we keep our car with us in NYC, it looks like we'd have to switch our insurance & registration to NY and turn in our MA driver's licenses for NY ones so all the addresses match. That seems so bossy. Has anyone in our situation (domicile in one state, statutory residence in another) handled this differently without committing insurance fraud?
Voter Registration/Mailing Address: I understand that domicile is partly determined by good faith intent, but is there a minimum of ties we should maintain in MA in order to preserve some sort of clarity and documentation of our ties there? If we have to get NY driver's licenses, do we have to vote in NY too?
Are we creating a whole lot of unnecessary complexity? Now I can't even remember why we have settled on keeping MA as our domicile. Please help.