Tax service
 

My husband and I settled on our TV house in January and will have to figure out our income taxes in two states until we sell the Maryland home. We'd appreciate any recommendations for someone knowledgeable on taxes and tax planning.

If you didn't change residency to Florida I don't believe you have to file in both states.

Florida is not an issue. No state taxes here. If you have lived in Florida as your main home since January, you will have established a tax domicile in the state.

Check with Bob Bloom 425-941-5224

https://www.talkofthevillages.com/fo...om-cpa-223889/

Thank you. Bob is accepting new clients at this time, appreciate the referral. If interest, he prefers meeting with clients early on before it gets very busy with doing taxes.

Bob Bloom 425 941 5224

Give Ellen Cronin consideration...she's an "Enrolled Agent" with the IRS and has a masters in taxation (she's in Oxford, FL just outside TV)

nice thing about an EA is that if the IRS questions anything, they can speak to the IRS on your behalf...not
the case with a CPA...you have to interact directly with the IRS if you have anyone other and an EA do your taxes

CPA's are great, but they aren't always specialists in taxes...an Enrolled Agent is, taxes are generally their main thing

I've used an EA for the past 22 years

A CPA can certainly talk to the IRS on behalf of a client, that is very incorrect information you provided. My husband frequently is on the phone with the IRS saving the client from various challenges they have encountered. And a CPA who specializes in taxes is certainly not only well immersed in the tax rules and regulations but also takes continuing education credits to maintain their active status.

Bob Bloom CPA specializes in doing tax returns and working with seniors. And will give you accurate information. 425 941 5224 available for calls 7 days a week and year round. No charge for an initial consultation of for a phone call with questions.

I had the same issues, From Pa. to Fl. I used The Villages Tax Services

We bought our home in April, sold our PA home in August and moved to FL permanently in August. I used TurboTax as usual. I bought the version that included state tax for that year. It asks about dates, etc so that the income tax for the state with tax is prorated. It's based on when you change residency, not on purchase of property. Same goes for the homesteading of the real estate. You only do it in one state according to the rules (Tax Appraiser's office can assist you.)

Same situation as yours.
 

We moved in February and files for Florida’s Homestead exemption in March, this really helped reduce our Florida property taxes. Florida made use remove Maryland’s Homestead exemption before they would apply theirs. Maryland sent use a letter to prove we had done it. Our Md property taxes did go up slightly. If you stay in Florida 6 months and one day Maryland can no longer expect you to file tax returns in their state. Huge advantage for us.

You really need to talk to a CPA or tax attorney in Maryland since that’s where your tax issues will be (Florida has no state income tax). We relocated from Maryland last year and there are issues regarding changing residency and selling a house you’ll need advice on.

Wait ... What?
 

Florida doesn't have a state income tax. Isn't that why you and everyone else is moving here?

Hema Ruparian, CPA,PA on 3251 Wedgewood Lane, The Villages

FL doesn’t have state filing.......

The AARP do a good job here in The Villages. They have done ours for years. The news paper will tell you when they are taking appointments. They are free. We have ours done in February.

My advice....DON'T take advice in this forum but DO take recommendations for a QUALIFIED person to take advice from.

I moved from Iowa to Wyoming for 6 years and now the Villages for 10 years. I still use my Iowa accountant since Wyoming and Florida don't have state income tax. Your situation might be more complex tho.

This is not correct! Any income earned in Maryland while you are a resident is taxable by the state and subject to your county tax if it has an income tax.

I would be happy to look at your taxes and give you an estimate. I'm a Villages resident. 917-647-0057.

Taxes
 

Once you sell your MD home and only live in Florida, use AARP for income tax. They do a great job. Not sure what is happening for this year

Individuals don’t file income taxes in Florida (don’t get excited, they make up for it in property and sales taxes).

In your prior state you will file a partial year return up to the day you established FL residency.

Hi this is Jeanie Matthews from the Village of Duval. I do prepare taxes starting in January, 2021.
You can reach me at Speedy Tax Services, 302 463-0140.

As a retired accountant very simple. Use your CPA in Maryland. You are entitled to a gain tax free if you’re married of 500K on the sale of your house when you sell it. To be a resident here it’s six months and 1 day. Also sit down separate your records for each.

DO NOT USE PEOPLE CLOSE TO THE VILLAGES. Get a referral from up In MD for here.

Can you give me her number please?
Thank you

Taxes
 

It all really depends on which place was your principal residence at the time of sale. You need a tax specialist who is familiar with Maryland and Florida law. If you registered to vote in Florida, registered your cars or changed other documents to reflect the fact that you are a Florida resident, prior to selling in Maryland, it can create a tax problem. Definitely see a tax specialist!!!!!!

Welcome
 

We’re from Maryland too, welcome! Been here 5 years now. We lived in Monkton, north of Hunt Valley. You will enjoy it here.

Dee and Tom Statham
Village of Chatham

taxes in different states
 

When we came to The Villages 7-1/2 years ago, we were concerned about how to handle taxes on income and real estate sales/purchase since Delaware has income tax and Florida has sales tax. We found that the tax firm Village Tax on Rolling Acres Road across from Home Depot was familiar with tax structure in both states and did a good job handling questions and taxes for us. Bob from Gilchrist

Ellen Cronin 352-350-1951 etcronin@comcast.net

If you earned income in Maryland, you'll have to file Maryland tax. If you haven't sold Maryland house yet, don't change your residency as Maryland charges 8% on net profit from sale of Maryland home if you aren't a resident.

Keep your MD CPA. You have not income taxes in Fl.
You should move any income producing investments that are with a MD only firm to a National firm. You want to avoid any income from MD.
You would file 2020 as a non resident and final return. In 2021 you might be able to do your own using Turbo Tax.

You can not file a Florida State Income tax return at all. There is no Florida State Income Tax!