Florida residency

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Old 11-11-2019, 08:08 AM
earlmansberry earlmansberry is offline
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Taxes, weather no more shoveling snow, no vehicle inspection, discount on some cruise tickets, and lots of sunshine
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Old 11-11-2019, 08:25 AM
Simmons233 Simmons233 is offline
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Also consider impact of capital gains on your existing residence if you plan to keep it while you change residency. If you have a more expensive home (or one with more capital gain), in your current residency state, and you change residency to FL, your more expensive home becomes your second home and when you sell it down the road, ouch! Big tax bite!
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Old 11-11-2019, 09:02 AM
OhioBuckeye OhioBuckeye is offline
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Originally Posted by Chellybean View Post
i agree with everything except maybe auto insurance.
If you bundle everything you may be ok if your claim and driving record is ok. Try State Farm on 301 office by 44 Nathan Thomas 352-748-5272 Debbie the owner my is a peach
I came from Ohio & only thing I can think of that I didn’t like is Florida’s No Fault Ins. We live in Texas now & they have No Fault Ins. plus there Property Texas are some what higher. But if you’re 62 or 65 your Property Texas never go up. Gas prices are always less than Florida. Right now gas prices are $2.04 a gal. But I still really miss TV!
  #64  
Old 11-11-2019, 09:51 AM
mmitchell mmitchell is offline
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My wife and I moved here from the Chicago area a little over a year ago. We established residency in about 45 minutes, still working for my Illinois employer, no longer paying Illinois income tax------------sweet.
  #65  
Old 11-11-2019, 10:00 AM
Silver Streak Silver Streak is offline
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Originally Posted by mmitchell View Post
My wife and I moved here from the Chicago area a little over a year ago. We established residency in about 45 minutes, still working for my Illinois employer, no longer paying Illinois income tax------------sweet.
If your employer is in Illinois, don't be surprised if the state still comes after you for income tax. IL may consider that $ as being earned "in Illinois." Happened to my daughter when she left Indiana and earned some $ from Indiana University afterward. States hungry for tax money can be both tricky and persistent in their efforts to get it.
  #66  
Old 11-11-2019, 10:20 AM
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champion6 champion6 is offline
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Originally Posted by mmitchell View Post
My wife and I moved here from the Chicago area a little over a year ago. We established residency in about 45 minutes, still working for my Illinois employer, no longer paying Illinois income tax------------sweet.
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Originally Posted by BrendaHB View Post
If your employer is in Illinois, don't be surprised if the state still comes after you for income tax. IL may consider that $ as being earned "in Illinois." Happened to my daughter when she left Indiana and earned some $ from Indiana University afterward. States hungry for tax money can be both tricky and persistent in their efforts to get it.
I agree with the "earned in Illinois" statement.

In 2011 I moved from Illinois and became a Florida resident. In 2016 I inherited my share of an Illinois farm.

I must pay Illinois income tax for my share of the earnings we have for that farm. A brother who lives in Colorado also pays taxes to Illinois for his share of the earnings.

I still say, "Happiness is Illinois in your rear-view mirror." BUT they STILL figure a way to come and get you!
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Old 11-11-2019, 10:20 AM
mjdollard mjdollard is offline
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New York has been examining some claims of people that say FL is their principal residence. They will review cell phone bills to see where calls originate from and where credit cards were used - if they can show that you were in NY for too many days they say you were a New Yorker and are taxed accordingly.
I am sure that if your income is lower they will skip over you but a high earner has a good chance of a deep audit.
BTW, where in NY?
  #68  
Old 11-11-2019, 12:56 PM
Nordhagen Nordhagen is offline
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Also, auto tags are way cheaper than Colorado. $46 no matter what car. My pick up is $73. All my cars were over $400 in CO. They do charge an initial $350-400 to change registration, however
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Old 11-11-2019, 06:27 PM
Bonsai Golfer Bonsai Golfer is offline
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It is true that FL does not care how long you are here. The 6 months + 1 day thing more likely comes in with regard to the state you are moving FROM. For example, WI considers you to be a resident of that state unless you are gone for 6 + 1. When you want to change your state of residence from WI to FL you have to file a form for state income tax purposes that asks a whole bunch of questions including where you are registered to vote, where your cars are registered, etc. and how long you are going to be in your new state. Bottom line is, it is a stroll to get IN to FL but a hurdle to get OUT of WI. Also, look closely at the state income tax implications, for example some states tax any pension that may have been earned in that state even if you are no longer a resident of that state. Other states do not. Each state is different so best you consult your attorney.
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Old 11-11-2019, 06:39 PM
retiredguy123 retiredguy123 is online now
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Originally Posted by Bonsai Golfer View Post
It is true that FL does not care how long you are here. The 6 months + 1 day thing more likely comes in with regard to the state you are moving FROM. For example, WI considers you to be a resident of that state unless you are gone for 6 + 1. When you want to change your state of residence from WI to FL you have to file a form for state income tax purposes that asks a whole bunch of questions including where you are registered to vote, where your cars are registered, etc. and how long you are going to be in your new state. Bottom line is, it is a stroll to get IN to FL but a hurdle to get OUT of WI. Also, look closely at the state income tax implications, for example some states tax any pension that may have been earned in that state even if you are no longer a resident of that state. Other states do not. Each state is different so best you consult your attorney.
It is not true that a state can tax a state pension if you are a resident of another state. A Federal law, The Pension Source Act, passed in 1996 says:

"No State may impose an income tax on any retirement income of an individual who is not a resident or domiciliary of such State."
  #71  
Old 11-11-2019, 06:47 PM
Bonsai Golfer Bonsai Golfer is offline
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Thanks for clarifying that. A number of posters seemed to say they were being taxed. Perhaps they were referring to "income" earned in that state (such as from a job or business) not pension or retirement income.
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Old 11-11-2019, 09:13 PM
Remlod Remlod is offline
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Plase consult with your accountant, (be sure your accountant understands FL Vs. Your state laws)
There are many advantages to permanent residency in FL, however you could get bitten by misjudgments if you do not properly prepare.
Cover your back side.
Also follow your accounting firm's advice to the letter. Little room for error.
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Old 11-12-2019, 12:04 AM
Ss6247 Ss6247 is offline
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Originally Posted by Mistybuffy3 View Post
Can someone explain pros/ cons of changing residency from ny to Florida? We have homes in both and will continue that for at least a few years.
We’re allowed to drink Big Gulps in Florida. :-)
  #74  
Old 11-12-2019, 04:32 PM
stujake stujake is offline
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Although I have not read every post on this topic, the ones I know are:
No sales tax on food used for home use (ie: does not include prepared food purchased in a restaurant).
No state income tax. (Illinois had a flat 5% state income tax.)
No state inheritance tax. (Unfortunately, there is still a federal inheritance tax for some people.)
There are limits to raises on property taxes; however, I don't know how they work, since Sumter County just had a huge increase.}
No personal property taxes. (Some states still have personal property taxes.

As an aside, real estate taxes in Highland Park, IL where we previously lived, were more than double what our taxes are here.
  #75  
Old 11-13-2019, 02:34 AM
biker1 biker1 is online now
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There aren’t limits to property tax increases. There are, however, limits to the increase in the assessed value of your home if you are homesteaded. Property taxes can increase via assessed value increases, millage rate increases, or both. For most people, Sumter County property taxes increased because of a modest increase in assessed value, in my case 1.5%, and a 25% increase in the County Tax millage rate.

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Originally Posted by stujake View Post
Although I have not read every post on this topic, the ones I know are:
No sales tax on food used for home use (ie: does not include prepared food purchased in a restaurant).
No state income tax. (Illinois had a flat 5% state income tax.)
No state inheritance tax. (Unfortunately, there is still a federal inheritance tax for some people.)
There are limits to raises on property taxes; however, I don't know how they work, since Sumter County just had a huge increase.}
No personal property taxes. (Some states still have personal property taxes.

As an aside, real estate taxes in Highland Park, IL where we previously lived, were more than double what our taxes are here.
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