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-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   State residency (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/state-residency-106203/)

DebNYer 02-25-2014 10:07 PM
State residency
 
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
Yes-No-Yes-Florida
 
Quote:
Originally Posted by DebNYer (Post 835421)
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
Quote:
Originally Posted by DebNYer (Post 835440)
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
Quote:
Originally Posted by DebNYer (Post 835440)
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.


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