[villager12]

Hope someone out there can help shed some light on this topic...we are NJ residents that have a new home in T V but have our residency in NJ...what are the negatives of taking Florida residency if any financially since we owna home in NJ--and we may sell our home in NJ outside of the 2 out of 5 year residency issue re NJ capital gains tax.
We want to do over our Wills, etc...and are tryig to find out what is best financially? Thanks so much for your time...does anyone know of an attorney in The Villages that does both Florida and NJ Law.

Thank you,
R.

[mac9]

We too are from NJ. Fl residency was for us...no state tax, MUCH cheaper car insurance(30% 0f NJ charges), Fl homestead and probably some others that I can't remember.

[jtdraig]

Originally Posted by villager12

Hope someone out there can help shed some light on this topic...we are NJ residents that have a new home in T V but have our residency in NJ...what are the negatives of taking Florida residency if any financially since we owna home in NJ--and we may sell our home in NJ outside of the 2 out of 5 year residency issue re NJ capital gains tax.
We want to do over our Wills, etc...and are tryig to find out what is best financially? Thanks so much for your time...does anyone know of an attorney in The Villages that does both Florida and NJ Law.

Thank you,
R.

If you have a financial planner, you should see them. Switching was a no brainer for us. We use Debra Simms here for our lawyer. She is very good.

[towgo]

homestead exemption.

[NJblue]

It seems that the professional that you should be seeking is a CPA. They are best equipped to give advice on tax issues. You are wise to consider that the potential capital gains tax on the ultimate sale of your NJ house needs to be factored into the equation (not just NJ tax, but also federal). For those of us who have moved here full time it is certainly a no brainer, but it gets a bit stickier when you maintain a house in both locations.