MENU
Lake-Link Home
LOGIN
Lake-Link
LOG IN

Tax question?

4/27/14 @ 10:24 AM
ORIGINAL POST
Sgt202
User since 5/22/09
I was wondering if someone could tell me the tax implications of being a full time resident in Wisconsin, collecting an illinois state pension. I own property in Minocqua and want to build and live there full time. I want to compare my tax bills of staying a resident of ILL and owning a house in Minocqua, versus selling out of Illinois and just taking the hit of a double taxed pension by both states, and avoiding two real estate tax bills.

Just looking for input on those who are doing this now or are considering it. Also, I have done some research and Tennesse looks like the best option overall...but the only ice there comes in a glass..not good for this cold weather ice fisherman! Thanks in advance for input.

DISPLAYING 1 TO 10 OF 18 POSTS
FILTER OPTIONS
4/16/20 @ 7:37 AM
MuskyManiac5
MuskyManiac5
User since 4/20/07

There are NO scenarios being better off in Illinois vs. Wisconsin.  We are retiring to Wisconsin in 2021.  My real estate taxes on a $260,000 house are $7,325.00, that alone makes it un-affordable to stay here!  Annual vehicle plate renewals are $164.00, boat trailer plates went from $18.00 to $118.00 this year.  There are tolls on most of the interstates in Northern Illinois. And I don't care who you talk to, fishing SUCKS in Illinois!  Who ever heard of the DNR admitting they can't grow weeds in the Central Illinois lakes?

4/15/20 @ 7:00 PM
nihsif
nihsif
MEMBER since 6/15/01

Cool stuckinMO!

4/15/20 @ 1:56 PM
stuckinMO
stuckinMO
User since 7/24/03

backwards & dude :  that’s some good advice.  Followed and she told me it’s about time I listened after 30 years!  

4/15/20 @ 1:13 PM
arthur1957
arthur1957
User since 6/24/01

@fltlndr  You are correct, pensions are the one thing Hellinois does not tax. I don't believe they will any time in the near future as teachers unions give big bucks to Democrats to protect their Cadillac pensions. The state would be in much better shape financially if they did tax pensions. 

4/15/20 @ 1:10 PM
duckdog
MEMBER since 1/24/02

Mine are done and the calendar is marked on the 14th of July to mail and pay taxes.

4/15/20 @ 12:53 PM
SuspendedMusky
SuspendedMusky
User since 12/9/08

I had to pay in for 2 of my kids.....I sent all the checks in yesterday.  I just wanted it done.

4/15/20 @ 12:37 PM
the_dude
the_dude
User since 1/10/03

I'm with boB.  Capital in the marriage may be worth just sending it in, even if her reason isn't logical.    

4/15/20 @ 12:12 PM
nihsif
nihsif
MEMBER since 6/15/01

all things being equal, and there's really no reason for you to hold back paying... I see an opportunity to let your bride know you think she's right... better dividends that any interest you may accumulate! :)


4/15/20 @ 11:54 AM
stuckinMO
stuckinMO
User since 7/24/03

We filed on time, paid stare, and we owe feds.  I want to wait a while to pay, given the extension to 7/15/20.  Why?  Cuz we can.

The Mrs. thinks that’s a bad idea, theorizing that the gov will mess it all up and we will pay more.  Not much interest earned leaving it in savings, not gonna spend it, and we have the $.   Check has to go out today and I can’t bring myself to send it!

Anyone else pondering this same thing?    

10/21/19 @ 9:24 AM
BâssÂddîçt ©¸
BâssÂddîçt ©¸
MEMBER since
DISPLAYING 1 TO 10 OF 18 POSTS
Advertise here
Advertise here
Please take a moment to visit our sponsors. Without them we would not be here.