Snowbirds - Which state do you claim residency?
Buying in TV very, very soon. At this point, I am planning on splitting my time evenly in Colorado, though that could eventually change. Question - do you keep you drivers license, voting registration, and pay state taxes still in your non-Florida sate, or have you declared Florida as your primary residence?
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It is usually better to become a Florida resident to avoid the state income tax in another state. Another advantage could be the Florida homestead exemption to lower your property tax.
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Individual Income Tax Guidance Publications | Department of Revenue - Taxation Income Tax Topic: Part-Year Residents & Nonresidents | Department of Revenue - Taxation |
Which ever home has the highest taxes, is where you might want to consider residency
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Paying State income tax didn’t even come close to make up for the how much higher property tax was on northern homes. Plus many not a fan of the heat, so 4-5 months for many in Florida winter and north for summer, fall. |
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We are in Mass more than Florida so we haven’t changed anything.
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as others have stated, you have to pay the property tax whether or not you are a resident of the state, if indeed, you own property in the state. If one state, such as Florida, offers a Homestead advantage, and the other state does not, then it is advantageous to claim the Homesteading state as your state of residence. That is the case between Florida and NY. There is no Homestead advantage in NY.
On top of that, as a resident of Florida, as long as I don't stay more than 180 in NY, (or it might be 184, it doesn't matter because I don't come close) I don't pay income tax to NY State. BTW, NY State does NOT tax Social Security, and if you draw from a pension or IRA, you get a 20K exclusion, as does your spouse as long as they are drawing from their own separate pension or IRA, and approximately a 16K Married Filing Jointly Standard Deduction, so it probably doesn't work out to a huge savings for us, but it's still better to have it than give it to NY. |
One thing you might want to consider, if you should need a nursing home some day and your not private pay you will be stuck in the state you call home. Is it near your children or family so they can come visit you? Thats why i still call NY my home because it is near my family and grand children whom i may not see often if I’m a fl resident. Food for thought.
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WOW, some of these posters' "logic" is very scary.
It's a financial decision, do the financial comparison. If you are not confident with doing this..........spend a couple hundred dollars and have a CPA do it. There MAY BE non-financial reasons............but none have been posted yet. The nursing home post............there are ways around what was posted. Good Luck. |
Find out how much declaring Homestead in your area will reduce your taxes and compare that with here. Homestead doesn’t reduce your taxes here as much as it does in other states.
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