[rjn5656]

State and Property taxes. Can't go wrong. If you really need someplace up there, get a small apt.

[tophcfa]

Originally Posted by retiredguy123

The biggest advantages are no state income tax, and the Homestead exemption on your property tax.. You also get a discount on Disney World tickets. The biggest disadvantage may be a higher cost for auto insurance.

Originally Posted by The Gerbs

To claim Florida residency, you must live in Florida a minimum of 6 months and one day...

I would love to change my residency from Massachusetts to Florida to save on income taxes and get the property tax homestead exemption. It would also be nice to have my vote actually matter in a national election. I find the biggest obstacle to changing residency is medical insurance. Since both my wife and I are not yet eligable for Medicare, and do not get employer provided insurance, we have to buy our insurance through the Massachusetts state exchange, which requires us to be Massachusetts residents. We still spend about half our time up north and very much like both our doctors and the quality of our health care options up north and don't want to give that up yet.

[Madelaine Amee]

Originally Posted by tophcfa

I would love to change my residency from Massachusetts to Florida to save on income taxes and get the property tax homestead exemption. It would also be nice to have my vote actually matter in a national election. I find the biggest obstacle to changing residency is medical insurance. Since both my wife and I are not yet eligable for Medicare, and do not get employer provided insurance, we have to buy our insurance through the Massachusetts state exchange, which requires us to be Massachusetts residents. We still spend about half our time up north and very much like both our doctors and the quality of our health care options up north and don't want to give that up yet.

It could be you are too young to make this decision yet. We were in our mid 60s when we made our decision.

[pacjag]

Here is the bottom line:

State of Florida.com | Florida Residency

[EdFNJ]

Originally Posted by The Gerbs

To claim Florida residency, you must live in Florida a minimum of 6 months and one day...

HUH? I believe that is INCORRECT. Aside from the fact we became official residents immediately by turning in our NJ drivers license, showing our NJ home was sold and that we purchased a home here and signed a few forms. We became "official" residents immediately. We did miss our homestead deduction by 7 DAYS for 2017 because we moved here officially on Jan 7th. Had it been Dec 31 2016 we'd have had immediate homestead rebate per the tax guy over on Powell Rd.

You might want to read this: How to Become a Florida Resident, Officially (or write to 1600 Pennsylvania Ave).

[C. C. Rider]

Originally Posted by pacjag

Here is the bottom line:

State of Florida.com | Florida Residency

That is correct. Florida residency requirements have nothing to do with how many days or nights you are in Florida. It's all about "intent" as evidenced by your actions with regard to legal and financial matters, not where you sleep.

A few examples of things that are considered as evidence of your intent are a declaration of domicile, registration of automobiles, driver's license, voter's registration, Florida resident address on your federal tax return, and Florida address on any other document that asks about your principle residency.

So, get you a place in Florida (rental is OK), turn in your driver's license from NY and get one from FL, register your car(s) in Florida, register to vote in FL, file a declaration of domicile with the county clerk in your Florida county, list your Florida address on your Federal taxes, and put a Florida Gators sticker on your bumper, and you're a Florida resident... just kidding about the bumper sticker.

[rjm1cc]

Originally Posted by Mistybuffy3

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.

Save money if you are here 6 months plus a day.

[tophcfa]

Originally Posted by C. C. Rider

That is correct. Florida residency requirements have nothing to do with how many days or nights you are in Florida. It's all about "intent" as evidenced by your actions with regard to legal and financial matters, not where you sleep.

A few examples of things that are considered as evidence of your intent are a declaration of domicile, registration of automobiles, driver's license, voter's registration, Florida resident address on your federal tax return, and Florida address on any other document that asks about your principle residency.

So, get you a place in Florida (rental is OK), turn in your driver's license from NY and get one from FL, register your car(s) in Florida, register to vote in FL, file a declaration of domicile with the county clerk in your Florida county, list your Florida address on your Federal taxes, and put a Florida Gators sticker on your bumper, and you're a Florida resident... just kidding about the bumper sticker.

You are forgetting the most important one, where is your health insurance?

[GoPacers]

Originally Posted by The Gerbs

To claim Florida residency, you must live in Florida a minimum of 6 months and one day...

Likely not an issue for most people but be careful, not all states have the same residency requirements. Just because you meet the residency requirements in one state does not mean you may not also meet the residency requirements in another state. Best to consult with your tax advisor if you spend time in multiple locations.

TOTV doesn't qualify as a tax advisor...

[2newyorkers]

We also have a home in both NY and TV. If you become a Florida resident you lose your Star benefit on NY property taxes but then you can claim Homestead in Florida. If you pay property taxes in Florida you can get a Florida resident pass to Disney.

[Seacoast1]

[QUOTE=Madelaine Amee;169314
to NH - it is a very poor State with no income tax revenue so everything is paid for through property taxes and sales tax. ]


NH does NOT have a sales tax.



Sent from my iPad using Tapatalk

[PennBF]

We had a home in New York and a Home in Florida with overlaps for about 6-7 years. It is expensive to pay for a home in New York 4-5 months a year and hard to justify the added costs. Would recommend selling the one in the North and identifying Florida as prime residency. There are added taxes, communite costs, and all the rest that go with paying for a home site. A lot do it for the kids. It is better to fly up and fly them down.

[M2inOR]

We are in the process of doing this, having purchased a home in Marsh Bend a few months ago. Our home in Oregon is not yet on the market, as we have 40 years of memories to think about - what to donate, what to toss in the trash, and what to move to Florida.

We also travel quite a bit, so never spend 6 months in any one place, neither in total, nor continuously. We keep a travel log.

Oregon is also a very high tax state - income and property taxes - just like NY, NJ, and CA. Additionally, estate taxes can be a burden if your assets aren't liquid. Sure, no sales tax here, but our acquisition years are long gone.

As others have stated, if you have homes and income in different states, you still have to pay property taxes in each state, and pay income tax to the states you earn that income. Therefore, it is important to discuss with your lawyer and financial adviser to arrange your finances properly.

We completed some of the necessary steps already - drivers license, voter registration, financial accounts, and have a few more steps to complete - Medicare, estate plan, domicile declaration, car registration, to name a few. Since we are in the process of selling our home and also traveling, there's a few details that will take time and effort. We will have one car in Florida, and one in Oregon.

Our son, DiL, and grandson live in Georgia so being closer that was one of the reasons; taxes another; activities and weather, another.

I think we are following the right steps to permanently change our domicile to Florida; we even have our Disney annual pass already. <smile>

Finally, be sure to understand the difference between residency and domicile. One can have many residences, but only one domicile. If you have income from several states, you may need to file a tax return in each of them. If you own real estate in several states, you will have to still pay property taxes in each of them. And yes, states are hungry for tax revenue so be prepared for a challenge if you stop filing a return to your original state. Seek professional advise; TOTV is not an official adviser; it's only a data point.

[EdFNJ]

Originally Posted by rjm1cc

Save money if you are here 6 months plus a day.

You comment is NOT correct. It has nothing to do with "6 months plus a day." You can become a resident the first day you move here (as I did). There are at least 2 other posts in this thread with explanations and links to the actual requirements.

[Madelaine Amee]

[QUOTE=Seacoast1;1693249]

Originally Posted by Madelaine Amee;169314
to NH - it is a very poor State with no income tax revenue so everything is paid for through property taxes and sales tax.

NH does NOT have a sales tax.



Sent from my iPad using Tapatalk

You are, of course, correct. NO SALES Tax in NH, but lots of other little hidden taxes which we always referred to as sales tax in error.