Very interesting article for New Yorkers considering a change in residency to FL

[dadspet]

:read:
If your a Seasonal resident from NY, like me, doing your NY taxes and now wishing you were a Fl resident > I just came across this article that I found real interesting. I'm sharing it with other NYers who might be interested in what it takes to become a Fl resident and the tax / estate implications. I wish I read it last year before we closed on our house.


http://www.nysscpa.org/cpajournal/2007/307/essentials/p48.htm

If it helps you owe me a beer - Heineken please (did I spell that right?) !- Ops I changed my mind, make it a bottle of wine (red and not 2 buck Chuck, please) !


If anyone has any other Plus or minus to becoming a FL resident from the wonderful state of NY please post it before I go off the deep end!

[Bernie]

Good article --- reading it just after I sealed the envelope with my NYS income tax check enclosed.
I remember a tax consultant once telling me that even if you declare residence outside NYS and as long as you own any property in NYS you could be liable for NYS income tax on a pension from a job you worked in NYS. The artilce you referenced was not very specific on that subject.

Looks like I need to transfer my lake property to an LLC, retire, sell my house and make FL permanent. God I love NYS -- worst taxes in the nation.

[Lil Dancer]

Great article - thanks for posting!

[SteveFromNY]

Thanks very much for the link!

One day soon you'll see a new member on the forum, StevefromFL. Sounds like one of the steps I ought to take.

[784caroline]

Excellent Article and here is what I got out of it.

Changing a Domicle is more than staying 183 days out of state and making a declaration. The Declaration MUST be supprted by convincing personal conduct.....and the list provided identifies ways to support your true intentions.

I believe the "Caveat" however is most telling in that if one is questioned as to wether they can truly support a change of domicle declaration, the taxpayer must provide clear and convincing evidence supporting such a change which requires a high degree of proof. The lack of such evidence may result in not only an assessment, but also substantial interest and penalties. Where the result is uncertain, a change of domicile should not be attempted unless the taxes that will be saved are substantial.

[Sidney Lanier]

One more comment from a (presently) New Yorker in the Land of Taxes. I had already read this article and in fact discussed it with our accountant. He made it clear that just because we wish eventually to declare ourselves residents of Florida, that doesn't mean that New York will let us go willingly into the night.... Remember that the implications for us as taxpayers (what we can save, all other things being equal) are the same as the implications for New York State regarding us as taxpayers (what NYS can lose, again all other things being equal)!