[dadspet]

??? We head from a friend that they knew someone that had "dual residency" in NY and Florida. I think this would allow you to get a homestead exemption in Fl as well as maintain your current state residency (NY for us). Has anyone heard about this and is it real or a figment of someones imagination? If its real what are the requirements and what other benefits would it give us? Where can I get more information.

[jadebox]

Originally Posted by dadspet

??? We head from a friend that they knew someone that had "dual residency" in NY and Florida. I think this would allow you to get a homestead exemption in Fl as well as maintain your current state residency (NY for us). Has anyone heard about this and is it real or a figment of someones imagination? If its real what are the requirements and what other benefits would it give us? Where can I get more information.


read:
http://www.immigrationready.com/immi...gration-4.html

I have heard people talk about it but I would not try it. You need to pick one or the other. I believe I heard the wife claims to be a resident of FL and husband the other state. Check above link.

This might be relevant to this situation, Dadspet. http://www.orps.state.ny.us/star/faq.htm

[MelZ]

NY State has severve restrictions on changing Domicle to another state. I am currently researching this for our retirement. I plan on snowbirding between NY and TV.

It is complicated enough that I may have to consult a Attorney (in NY). NYS takes a very dim view of dual residencies and having been audited by NYS in the past my advise is to play it straight or pay big bucks.

[Ooper]

I am from NY and I cannot understand why anybody would want to stay a resident of NY and pay their taxes when they have a home down here in The Villages. :dontknow:

[NYVette]

This might be worth reading......

http://www.immigrationready.com/immi...gration-4.html


Also...
Don't confuse dual domiciliary (owning two houses) with dual residency, they are legally very different.

[dadspet]

Assuming we want to have / keep two homes, one if FL (winter) and one in NY (summer - if there is one )

Two considerations for maintaining a NY residency are:

1.(Copied from an article

What's the best tax break available to Jane and John Q. Public? If they're homeowners, it's selling their house.

Homeowners already know the many tax breaks that Uncle Sam offers, most notably mortgage interest and property tax deductions. Well, he also has good tax news for home sellers: Most of them won't owe the Internal Revenue Service a single dime.

When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.

Bottom line here is if you have Fl as your Primary residence and sell you NY house later you may not be able to claim the tax break on the sale. I do believe there is a time frame for the sale.

2

In NY there is also an exemption for NY primary residence (STAR) which could also offset becoming a FL resident.


I'm in investigate mode at this point and am well aware of the NY tax (especially after recently selling stock to buy our TV home). I don't want to jump into another State to save tax and loose on something like the capital gains on our house in NY if we do decide to sell it at some point near.

BTW we will be testing the water in TV in July to see if we can take the heat and to also kick the tires on our new home in Caroline before the 1 yr warranty is up (TVs will fix everything under warranty for 1 yr).

[Peggy D]

Along these lines, I have a question.

Say Nick and I move to TV. He becomes a FL resident, but I do not (would change address to sons' home) We would no longer own property in DE.

Can we still get homestead?

We own an antique car. To insure and tag in DE is cheaper and no longer needs to go through
yearly inspection.

[downeaster]

I think these questions should be addressed to the tax authorities in both states.
When I first moved to Florida many years ago, the authorities went to great lengths to catch people here who were in fact Florida residences but were not paying resident taxes. They lurked outside schools to catch people with out of state tags ( license plates) dropping their kids off. They would prowl employee parking lots and note out of state tags and then return a month later and see if they were still there. Registering a child in school and living here more than one month are two of the things that make one a resident.
There are people getting away with "dual residency" but the risk of getting caught is not worth it.

DC

[JohnN]

PeggyD,
I was just at the tax office and the instructions say that all people on the deed need to be Florida residents to qualify for the homestead exemption.

Downeaster, question? What resident taxes??

[downeaster]

JohnN,
"Resident taxes" was used as a general term. My meaning was any tax a resident would normally pay in a particular area. That would include tags, drivers license and any city, county, state taxes. Of course real estate taxes are paid whether you are a resident or not.
I hope I haven't confused you. If so, just post again and I will try again.

DC

[MelZ]

I can only answer about NYS vs Florida. I currently am a NYS resident with a home in TV. When I retire I will become a Florida resident. Inorder to change Domicle from NYS you have to sever all ties to NYS. If you don't change domicle you are still subject to NYS income tax etc.

NYS is a B***breaker and have very specific rules on how to change domicle. It is complicate enough that inorder to make sure I am not subject to a future NYS tax audit I will be retaining an attorney to accomplish it.

Having lived (barely) though a NYS tax audit I never want to do that again. NYS tax auditors makd ethe IRS look like boy scouts.

You can certainly do a google search on "changing NYS domicle" to read up on the process