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Old 06-30-2016, 11:23 PM   #81
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RunningBum, Congratulations on your friends making the run. A few of my friends made that same run. Really admire those of you that run and nothing gives you the adrenaline rush and satisfaction more than running. You should really try and make the run sometime. The scenery is great but there are prettier places to run on top of the mountains and easier on your knees. Check out areas around the wilderness areas for running. Higher elevation but would be great endurance training with higher elevation. Visitors are always welcome.
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Old 06-30-2016, 11:59 PM   #82
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Originally Posted by Huston55 View Post
Suggest you check out eastern Tennessee, near Knoxville. No state income tax (although % & Dividends are taxed), inexpensive real estate, at the foot of the Great Smokey Mountain national forest, beautiful lakes & rivers, very mild four season climate, outstanding health care, big name university, and more diversity than you'd think. DW & I lived there for 4 yrs and almost stayed for FIRE but, in the end, decided to move to be closer to long term friends.
Since TN does tax interest and dividends, you cannot say no state tax especially for retired folks who often have lots of interest/dividends.
Once you collect any pension or SS , then it probably hits you with tax on the interest and dividends.


"A special 6% income tax called the Hall income tax applies only to taxable interest and divident income over $1,250 for individuals and $2,500 for married couples filing jointly. Taxpayers over 65 with total income less than $16,200 for a single filer or $27,000 for a couple filing jointly are exempt from this tax. The Hall income tax, named after the state senator who sponsored it, has been around since 1929 and hasn't been raised since 1937. Only dividend or interest income from investments like stocks, mutual funds, and corporate dividends is subject to this tax. Interest from bank or credit union accounts, the type of interest earned by most Tennessee residents, is exempt from the Hall income tax."
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Old 07-01-2016, 04:12 AM   #83
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When we relocated south, we priced out Farragut TN, right outside the city limits, and it was way too expensive for us. Knoxville prices have come up quite a bit.
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Old 07-01-2016, 06:19 AM   #84
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The great news about TN is that the dividend tax only affected less than 150,000 people in TN. It is being discontinued next year. So TN is a no income tax state. Of course, you should consult a tax professional for your particular situation.



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Old 07-01-2016, 07:17 AM   #85
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The great news about TN is that the dividend tax only affected less than 150,000 people in TN. It is being discontinued next year. So TN is a no income tax state. Of course, you should consult a tax professional for your particular situation.
...
Not quite. I have, you might say, a personal interest in this topic. The recent legislation actually cuts a percentage point off the tax for returns filed in 2017 (i.e., 2016 taxes), then axes the tax entirely in 2022--with "the intention of the legislature" being that it be reduced by a percentage point each year in between. Here is snippet from Nashville's newspaper on it:

Quote:
Despite earlier misgivings, Gov. Bill Haslam signed into law Friday a bill that reduces Tennessee’s Hall income tax on some dividend and interest this year and eliminates it in 2022.

The bill cuts the income tax rate from 6 percent to 5 percent for tax year 2016 on tax returns due next April. The bill says it is the “legislative intent” that the tax rate be reduced by 1 percent annually starting next year. It eliminates the tax entirely for 2022, regardless of whether the annual reductions occur.
Gov. Bill Haslam signs Hall income tax cut, repeal into law

In any event, it is fairly easy to manage a portfolio so as to minimize this tax. More reason to overallocate bonds and dividend stocks to the tax-favored accounts.

--+1 to the beauty and relative affordability of East Tennessee. We'll be sticking to Nashville area, but there are many beautiful areas there.
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Old 07-01-2016, 10:14 PM   #86
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I worked in TN for a while. In general, I found it to be a religious minefield, specifically for catholics, jews and non-believers. Johnson City had promise, but a Jewish lady from Houston I met was still afraid to identify herself. Incidentally, very LGBT unfriendly.

Aside from that, it was a beautiful place, low cost of living and tax-friendly AFAIK. I had several good friends there. I enjoyed my time there. A hidden gem of music performance as well. Longer term, we would have had to be alert to avoid issues.

Well worth exploring, but rent, do not buy. It could take a while to get comfortable.

Just so's ya know.

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Old 07-01-2016, 11:19 PM   #87
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I worked in TN for a while. In general, I found it to be a religious minefield, specifically for catholics, jews and non-believers. Johnson City had promise, but a Jewish lady from Houston I met was still afraid to identify herself. Incidentally, very LGBT unfriendly.

...

Well worth exploring, but rent, do not buy. It could take a while to get comfortable.

....
yeah, I'd agree for the most beautiful areas of East Tennessee. Not true in Nashville (and, guessing, in the other big cities). Heck, in Nashville, you get hit hard from the "left" for being libertarian. [we are lapsed catholic/agnostic to small "a" atheist]

Good point on renting for a year to determine.... I'd say that's true anywhere--and what we've always done.
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