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DebNYer
02-25-2014, 10:07 PM
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?
dbussone
02-25-2014, 10:34 PM
One way you'll benefit relates to the taxes you'll pay. FL has no income tax.
DebNYer
02-25-2014, 11:08 PM
Yes! But we will lose our STAR benefit, about $3K. Damned if you do, damned if you don't?
Villages Kahuna
02-25-2014, 11:18 PM
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!
raynitsche
02-26-2014, 01:56 PM
Yes! But we will lose our STAR benefit, about $3K. Damned if you do, damned if you don't?


You save $3000.00 from STAR?
Jim 9922
02-26-2014, 03:12 PM
Can also affect the capital gains tax treatment on sale of your home. (5 year primary home rule)
Mikeod
02-26-2014, 03:27 PM
Yes! But we will lose our STAR benefit, about $3K. Damned if you do, damned if you don't?
Are you sure? There's something on the website that both principal and secondary residences qualify for certain systems.
2newyorkers
02-26-2014, 03:35 PM
We also have a home in NY and TV. You can not have dual residency and you can not claim both the STAR and Homestead exemption. Villages Kahuna summed it up well. We spend 6 months in each home. Due to the type of income we have and the STAR program, it was more financially beneficial for us to remain NY residents.