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Thread: State residency
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Old 02-25-2014, 11:18 PM
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Default Yes-No-Yes-Florida
Quote:
Originally Posted by DebNYer View Post
We live in NY and FL. Do we benefit registering in FL (voting and driver's license)? Or, Can we have dual-residency, anyone know? Would we have to surrender our NY drivers licenses? What is best for tax reporting?
  • Yes, there are benefits to registering in Florida...IMHO anyway.
  • No, you cannot legally have dual residency.
  • Yes, you will have to surrender your NY drivers license in order to get one issued from Florida.
  • Most people find that there are significant tax benefits living in Florida. As noted above there is no income tax in Florida. New York's marginal tax rates range from 4% to 8.82%. Most New York residents with average income will pay something close to 6.45 to 6.65%. That's a whole lot of money compared to nothing!
  • You might also check on the estate taxes in New York. New York is one of only a handful of states that assess an estate tax. Again, Florida has no estate tax. Looks like New York gets you dead or alive!
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