Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#61
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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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#62
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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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#63
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Ohiobuckeye
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!
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#64
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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.
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#65
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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.
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#66
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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! |
#67
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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
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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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#69
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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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#70
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"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
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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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#72
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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. |
#73
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We’re allowed to drink Big Gulps in Florida. :-)
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#74
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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
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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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