Talk of The Villages Florida - View Single Post - I don't mean to beat a dead horse, but are these prices of used homes for real.
Thread: I don't mean to beat a dead horse, but are these prices of used homes for real.
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Old 02-12-2022, 05:22 PM
Laker14 Laker14 is offline
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Quote:
Originally Posted by vintageogauge View Post
And they would then lose their exemption up north where taxes are generally much higher.
Not necessarily. In NY where I was a resident, and still own property, (but am not employed, nor do I own a business), the issue is how many days I spend in NY. More than 180 (or 181, I can't remember) and I have to pay taxes on my IRA withdrawals.
However, it is not tied at all to how many days I spend in my new state of Florida.
I can spend 5 months in NY, and 3 months somewhere else, and only 4 months in Florida, and still claim Florida residency for my homestead, and not pay NY income tax.

Hence, I would still be a "snowbird" and still get the advantages of homesteading, and not pay NY income tax.