Quote:
Originally Posted by Footer
The day we closed on our house we went to the Annex/Library on Powell and got a new driver's license, registered to vote, applied for our homestead exemption, and registered our car. They go out and inspect the car. We also got a library card. One stop shop.
We had gotten insurance for car and house from The Villages Insurance.
Our Wisconsin house and car are still insured in Wisconsin , which is much cheaper than Florida. The Florida car goes back and forth. Wisconsin car stays in Wisconsin.
To get the homestead exemption we had to give up our Wisconsin exemption, which allowed us to take the state lottery credit on our property taxes. No other benefit.
We needed a letter from our county treasurer to prove we made the change before Florida gave us the exemption.
The 6 month rule does not apply to the homestead exemption, just the state income tax. However, if we work in Wisconsin when we are there we still have to pay Wisconsin state income tax.
|
Be aware of the IRS rules regarding residency for your primary residence! Very important to understand these rules. We waited until we sold our PA home before establishing residency in Florida so we didn't affect the sale of our primary home in PA. The small advantage of FL residency may be well overshadowed by the tax impact when or if you sell your home in Wisconsin.