Quote:
Originally Posted by jane032657
My CPA husband says DO NOT TAKE ANY MONEY OUT UNTIL YOU BECOME A FLORIDA RESIDENT OTHERWISE YOU WILL OWE TAX TO THE STATE YOU LIVE IN. My husband just sold his CPA practice of 35 years in Seattle and everyone is in tears that he is leaving. His advice is solid, he has 1,000 clients panicking without him. I would listen!
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I agree, if you can establish Florida residency before you take taxable monies from your account to purchase a home, of course you won't have to pay the state tax. This may not be convenient in your case, but this is good advice.
It cost me about $7000 in NY State Income Tax, but I felt that "now" was the right time to buy!