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Florida Residency

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Old 11-05-2009, 09:38 PM
k2at k2at is offline
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Default Florida Residency

Can someone be kind enough to list the things that must be changed to declare myself a Florida resident? Also does my home state (New Jersey) need to be advised or do I just not file? Lastly, by when does this process need to be completed to declare myself a Florida resident for all of the upcoming year (2010)? Tnx.
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Old 11-05-2009, 09:51 PM
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Try checking thru zcaveman's Moving to the Villages posts in the "Nuts & Bolts of the Villages" at the bottom of the "Talk of the Villages" page.



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Old 11-05-2009, 09:58 PM
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Quote:
Originally Posted by k2at View Post
Can someone be kind enough to list the things that must be changed to declare myself a Florida resident? Also does my home state (New Jersey) need to be advised or do I just not file? Lastly, by when does this process need to be completed to declare myself a Florida resident for all of the upcoming year (2010)? Tnx.
Try this link: http://www.sumterpa.com/Exemptions.asp
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Old 11-05-2009, 10:06 PM
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looks like own home, live in it and be registered to vote as of January 1 of the year you want to claim the exemption.


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Old 11-06-2009, 08:56 AM
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You also need to have auto registrations and driver licenses switched to Florida by January 1 in order to have residency that year.
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Old 11-06-2009, 09:31 AM
784caroline 784caroline is offline
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You do not have to own a home in Florida to become a FLorida resident....but it certainly makes it easier and part of the reason to become a Florida resident would be for the homestead exemption that is applicable to property taxes. Obviously the other reason is to get away from high state income tax states. Be forewarned that High tax states closely watch residency changes especially if you still own property in the state you are leaving, so you need to be able to substantiate your move and intent.

Your state tax status is dependent upon your domicile and you can live many places during a year but you can only have one domicile...here is how NJ tax regs (Tax Bulletin GIT-6) define domicile

Domicile is based on many factors, including
your intent, where you register to vote, maintain
a driver’s license and vehicle registration, have
family ties, etc. You can have only one domicile
at a time. The burden of proof is upon the person
asserting a change of domicile
to show that
the necessary intention existed to abandon his or
her domicile in one location and to establish a
fixed and permanent home in another.

To declare fl your domicilie for tax purposes for all of 2010, obviously you need to have everything completed by January 1 2010....otherwise you would be a domicile of your prior state until all requirements are met/declared and have to file a part year return with your prior state. On a part time return you would have to declare the date you left that state and that would be notification.

Also be aware if you still own a home in NJ and rent it out, most likely you will have to file a non-resident return for your rental income or any other income that is generated from NJ sources. If you still own that home in your prior state and are renting it out (or just holding it) with the intention to sell when the market turns, a BIG problem alot of us now face is the federal capital gains provision that requires it to be your primary residence for 3 of the past/future 5 year period to be fully excluded up to $500K or else you will face major federal tax problems. If Fl is now your primary residence you limit this window of opportunity and need to be very viligient of DATES. Also if you declare Florida as your domicile you will not be able to collect any homestead exemption in your prior state or any other state benefits you may have been receiving.

Whether you own a home or just rent you must live in Florida for a number of days (I think it is 6 months (183 days) a year), register to vote, and the most "tricky" one....be able to prove intent that you are making a permanent change. You can do this by getting a fl drivers license, auto registration, registering to vote, having utilities in your name, filing federal taxes using the fl address, etc. .

Its really not that complicated unless you have a home in your prior state and are undecided if or when you will ever sell that property.

Last edited by 784caroline; 11-06-2009 at 09:37 AM.
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