In order to take advantage of Nevada’s tax hospitality, a taxpayer must make Nevada its principal place of residence, i.e. your primary home. Residency is the single most important factor in gaining Nevada’s tax advantages.
A “close connection test” is implemented and must be passed in order for a taxpayer to establish state residency. The “close connection test” identifies if Nevada is the state in which a taxpayer has the closest social and business contacts, and more. A corporation organized and domiciled in Nevada can also significantly reduce its state tax burden by shifting its corporate level of activity to the state Nevada.
Owning real estate in the state of Nevada is the key factor when considering tax advantages. To learn more about the potential tax advantages of Nevada residency for yourself of your business, visit tax.nv.gov. We connect agents and buyers to experienced CPA's and financial advisors to plan and implement a successful change in residency.
