Making FL home primary while still working in NY

[anarick]

Our Fernandina house will be ready in Sept/Oct of 2013 but I will be working in NY for another 5 yrs. We'll be spending vaca's and short visits. :a040:

My question is can I claim my Fl address as primary residence while working in NY? How will the taxes work out?

One other question regarding pensions. What tax implications exist when collecting the pension in Fl??

Appreciate all the advice I can get.

[jimbo2012]

No U can't, must live here over 180 days.

[theapeman1]

Our Fernandina house will be ready in Sept/Oct of 2013 but I will be working in NY for another 5 yrs. We'll be spending vaca's and short visits. :a040:

My question is can I claim my Fl address as primary residence while working in NY? How will the taxes work out?

One other question regarding pensions. What tax implications exist when collecting the pension in Fl??

Appreciate all the advice I can get.

Believe if you have Fl as primary residence and also own in NY and work in NY
that you don't have a real good case to claim Florida Residency to avoid paying NY income taxs. Suggest talking to a tax accountant.

[Rebel Pirate]

Our Fernandina house will be ready in Sept/Oct of 2013 but I will be working in NY for another 5 yrs. We'll be spending vaca's and short visits. :a040:

My question is can I claim my Fl address as primary residence while working in NY? How will the taxes work out?

One other question regarding pensions. What tax implications exist when collecting the pension in Fl??

Appreciate all the advice I can get.

The federal government won't care....you get to pay federal taxes wherever you live. This is primarily an issue for you to ask of NY state tax officials, not FL state tax officials. But, in general, where you live to work is your tax home. Now, if you could "work for" your NY-based company, but work virtually via computer from your home in Florida, that would enable you to claim FL residence vice NY residence. However, if you work a traditional job and live in NY while you work, then NY is your tax residence, and the NY tax man gets his bite.

[jane032657]

Our Fernandina house will be ready in Sept/Oct of 2013 but I will be working in NY for another 5 yrs. We'll be spending vaca's and short visits. :a040:

My question is can I claim my Fl address as primary residence while working in NY? How will the taxes work out?

One other question regarding pensions. What tax implications exist when collecting the pension in Fl??

Appreciate all the advice I can get.
There is a concept called "tax home"-you have to pay taxes where you make your living. It does not matter where you call your home, it is where you make your income.
There is no tax implication when collecting your pension in Florida, Florida has no income tax.
This message comes to you from my CPA husband. Hope it helps.

[jimbo2012]

But if you work remote living in FL, say on a computer or telephone sales and your paycheck is mailed to FL from NY or any state then I think you're ok.

[mrfixit]

But if you work remote living in FL, say on a computer or telephone sales and your paycheck is mailed to FL from NY or any state then I think you're ok.



.....using that premise......logic would tell me ...If one plays for the Yankee or the Knicks, (both are located in N.Y.C.),.................................

and they play HALF of their game somewhere else..( working remote ).....There is No New York State income tax for those AWAY games...???????

Also if they play FOR the NY Knicks and live in Florida.......they pay no NY State income tax, at all ?????....Just wondering....

[asianthree]

Our friends, husband works 7 months out of the year in FL and wife works 9 months in KY each claim residence in the state that they work in

[jane032657]

But if you work remote living in FL, say on a computer or telephone sales and your paycheck is mailed to FL from NY or any state then I think you're ok.
Correct, if you are working remotely in Florida you can claim you live and work in Florida. Technically, if you go to another state for meetings, say for a few weeks and are paid, you are supposed to pay taxes to that state for those few weeks but most people do not get into that detail if it is occassional. But if you are working full time in NY, that is where you pay your taxes.

[CTgolfer]

Another consideration... if you own a home in NY and will be owning in the Villages. Be certain you understand the tax ramifications of making FL your primary home while still owning a home in NY; i.e., capital gains on your NY may be considerable if not your primary home when sold.

[batman911]

My wife and I were legal residents of Texas while I served in the Navy. While living in Hawaii, we paid Hawaii state income tax on income earned in Hawaii but not my Navy pay. My wife worked for a local company and paid Hawaii state taxes on all her income. We were required to file a Non-Resident income tax form. Texas has no state income tax. It all depends on the state law where you earn the income.

[cathyw]

.....using that premise......logic would tell me ...If one plays for the Yankee or the Knicks, (both are located in N.Y.C.),.................................

and they play HALF of their game somewhere else..( working remote ).....There is No New York State income tax for those AWAY games...???????

Also if they play FOR the NY Knicks and live in Florida.......they pay no NY State income tax, at all ?????....Just wondering....

Professional athletes are a whole other ballgame (pardon the pun) Most actually have to pay taxes in their own state AND taxes in every state that they play an away game. An accounting nightmare. Here's one of several articles on that subject
The taxing life of a pro athlete - Los Angeles Times (http://articles.latimes.com/2009/apr/12/sports/sp-jock-tax12)

[KEVIN & JOSIE]

No U can't, must live here over 180 days.

:agree:

[eweissenbach]

When I worked in Des Moines, Iowa for five years, my residence was in Missouri. I kept an apartment in DSM, but my wife lived in Mo. and I spent all my weekends (many three days) there. I paid Iowa state income tax on my income from Principal Financial Group, but I paid Missouri state income tax on my retirement income from a previous employer, because that was my primary residence.

[anarick]

Thank you all for your comebacks.
No matter what I will see you all on the paths soon.

[Pmhgroup]

Jimbo.

A couple of notes on earlier responses.

“No U can't, must live here over 180 days.” Not true, Florida does not have the 6 month requirement to claim residency. Careful though, if you spend more than six months and a day in NY they can still claim you as a resident.

“own in NY and work in NY that you don't have a real good case to claim Florida Residency to avoid paying NY income taxes.” If you physically work in NY, you will owe NY taxes on that earned income. You might (key word might) be able to avoid state taxes on investment income as a Florida resident.

“To be a Fl. Resident. You need a fl. drivers license, car registration and a checking account showing your place of resident.“ This is partially true if you are applying for homestead. To apply for Homestead you need to own a finished home on Jan 1st. of the year you apply, have at least one car registered in Florida, have the car insured in Florida and have a Fla driver’s license.

I could also recommend the “Welcome to Florida” seminar held in the fall at the Nancy Lopez restaurant. In that seminar, the advantages and disadvantages to Fla residency are discussed.

[784caroline]

You can claim any state to be your resident but you must (especially with regard to NY) be able to show intent that such a move was not simply to avoid state taxes. With the high tax rate for NY, they (Not the feds or Florida)have a vested interest to monitor all such moves very closely.

It gets to be a problem if you own a residence in NY (your name is on the deed) and especialy if you are claiming a homestead exemption for the state of NY. (You cannot claim homestead in NY and Florida) As earlier stated , you can show intent to establish Fl residence by owning real estate, getting a drivers licence, registering to Vote, Occupy the FL residence for more than 180 days, have your utilities bills and Federal tax returns etc sent to or filed from your florida residence. The best way to separate yourself from NY would be to transfer the NY property into your wifes name or better to establish a trust. However be forwarned it may still get complicated when you (or your wife) start to file NY state taxes. Do you separate your financial accounts into his/hers..if not at a minimum you may have to file NY non-resident returns. NY will not LOOK until they see something out of the ordinary,......and all of this is a flag of some sort. The NY residence would be your wifes primary residence so she would still be able to claim a capital gain exemption upon any sale..BUT NOT YOU.

There is a fair amount of $$ to be saved by not declaring NY your residence, but every families situation is different. YOu can talk to legal /accounting help here in Florida BUT believe me the problem will be NY so I would talk to people very familiar with the law and accounting codes in that state. There is no simple answer

[RonGee]

I do that now and you are correct

[RonGee]

But if you work remote living in FL, say on a computer or telephone sales and your paycheck is mailed to FL from NY or any state then I think you're ok.

I work remotely for company out of Chicago, I gave my company my new home address and they changed their records in the billing dept. now I do not see a state tax on my paycheck. (which is delivered directly into my bank)

[gustavo]

Jimbo.

A couple of notes on earlier responses.

“No U can't, must live here over 180 days.” Not true, Florida does not have the 6 month requirement to claim residency. Careful though, if you spend more than six months and a day in NY they can still claim you as a resident.

“own in NY and work in NY that you don't have a real good case to claim Florida Residency to avoid paying NY income taxes.” If you physically work in NY, you will owe NY taxes on that earned income. You might (key word might) be able to avoid state taxes on investment income as a Florida resident.

“To be a Fl. Resident. You need a fl. drivers license, car registration and a checking account showing your place of resident.“ This is partially true if you are applying for homestead. To apply for Homestead you need to own a finished home on Jan 1st. of the year you apply, have at least one car registered in Florida, have the car insured in Florida and have a Fla driver’s license.

I could also recommend the “Welcome to Florida” seminar held in the fall at the Nancy Lopez restaurant. In that seminar, the advantages and disadvantages to Fla residency are discussed.

I agree with the above. Just remember that when dealing with the taxing authorities, stupid you pay money, fraud you go to jail. Big difference.

[vinnie]

My opinion is that if you are actively employed in NYS, they will want your money. If you have a history of making money in NYS and continue working in same venue, I suspect they would not accept it unless you could prove you were not in NYS.
At the very least, they would want your $$$ based on how long you spent in NYS.
I have to suspect that NYS has seen people try this a thousand times. Only if it is above board and you can prove how your employment is different. For example, perhaps you went from employed to self employed.
As far as pension, if a NYS resident living in NYS, you are probably tax free if public pension. Regardless, there is no state income tax in Fl so you are good to go. However, if you run into the NYS argument on pay, it seems that your pension would follow suit on whether you were dsclared NYS or Fl residment
Good luck and pay attention to estate planning since NYS will want part of your estate while Florida does not