homestead taxes

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  #1  
Old 08-30-2012, 06:46 PM
Suzi Suzi is offline
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Default homestead taxes

We have almost made the decision to be snowbirds in TV. I will be spending much more time in TV than my husband. Does anyone have any experience with claiming a homestead in TV for 1 spouse and another homestead in our home state for the other? SuziQ
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Old 08-30-2012, 06:48 PM
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We are, one of you claims in each state
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Old 08-30-2012, 06:55 PM
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I'm assuming that you file jointly on federal and then you each file a separate for the state taxes. Is this true? Do you substantially save on your taxes that way? SuziQ
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Old 08-30-2012, 07:06 PM
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I rather not answer that on a public forum.

See a tax professional, or for now see here
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Old 08-30-2012, 07:10 PM
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i would let my own tax guy answer that not an open question on TOTV
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Old 08-30-2012, 07:15 PM
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I understand---thank you very much SuziQ
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Old 08-30-2012, 07:59 PM
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Default Homestead taxes

Quote:
Originally Posted by svgephart View Post
We have almost made the decision to be snowbirds in TV. I will be spending much more time in TV than my husband. Does anyone have any experience with claiming a homestead in TV for 1 spouse and another homestead in our home state for the other? SuziQ
I suggest you get legal help with this. To my knowledge you can claim a homestead credit in Florida or the other state in which you own property but not both.

Last edited by Deerfly; 09-01-2012 at 04:57 AM.
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Old 08-30-2012, 08:25 PM
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I believe you have to have your car registered and licensed in Florida in order to have the homestead exemption and live here at least 183 days a year. You would have to have a Florida driver license, too.
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Old 08-30-2012, 08:30 PM
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Default no 183 day rule

How many days out of the year does someone have to live in Florida to be eligible for homestead exemption?

You must reside on your homestead property as your primary residence. However, there is no particular amount of time you have to be physically present on the property to qualify for homestead exemption. To qualify for homestead exemption, you have to declare Florida as your permanent residence. For example, if you vote, you must vote in Florida. If you drive, you must have a Florida drivers license. When you file your federal income tax, you would file from Florida . There is no specific amount of time you must spend in Florida .
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Old 08-30-2012, 09:10 PM
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Quote:
Originally Posted by asianthree View Post
i would let my own tax guy answer that not an open question on TOTV
Some good questions have been brought up here but I wholeheartedly agree with asianthree that your own tax advisor should be the one to answer your questions as only he or she would have the answers for your individual circumstances.
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Old 08-31-2012, 07:31 AM
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Default Homestead taxes

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Originally Posted by jimbo2012 View Post
How many days out of the year does someone have to live in Florida to be eligible for homestead exemption?

You must reside on your homestead property as your primary residence. However, there is no particular amount of time you have to be physically present on the property to qualify for homestead exemption. To qualify for homestead exemption, you have to declare Florida as your permanent residence. For example, if you vote, you must vote in Florida. If you drive, you must have a Florida drivers license. When you file your federal income tax, you would file from Florida . There is no specific amount of time you must spend in Florida .
I think the above is the correct information on homestead exemption.
The 183 days of residency has to do with paying state income taxes in the state you are moving from. If you go back to whatever state that is and they have a state income tax you will be considered a resident of that state for income tax purposes if you are there for more than half the year.
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Old 08-31-2012, 08:21 AM
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Are you absolutely sure about that? I thought you had to live in the state for a certain amount of days????
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Old 08-31-2012, 08:25 AM
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Suzie

As stated in some previous posts, the issue will not be Florida, it will come from your current home state. Check with tax counsel where you live now. The big issue is you will have to show "intent" that you are doing what you are doing not to circumvent the tax laws in your current state. ( Living in florida for 183 days shows intent..there is no magic number required by law...teh same applies to getting a drivers license, voter card, and filing your federal return from florida) If your husband remains on the deed in your home state, the burden of proof becomes more difficult.... you also need to look forward as to how you will be filing your state taxes in your current state...and make no slip ups such as filing a federal joint return with your current state address or claiming homested exemption in both Florida and your former state. High tax states (ie NY ) monitor state returns for these type of situations and its easy for them to flag and ask for more information.

If you do it right , it can be well worth the time and trouble....you really wont know until about 9-12 months after you file your first state tax return from when you made the move.
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Old 08-31-2012, 09:28 AM
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This linked article is on the same subject and is very interesting to read and think about.

Separate Homestead Exemptions for Married Couples Property Tax in Florida
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Old 08-31-2012, 11:58 AM
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Here is a link to a Florida county website that explains everything clearly and specifically states that there are no requirements for a number of days of physical presence to qualify.

Also note the caveat that you cannot continue to claim a homestead here if your spouse claims a homestead on a home in another state that you own jointly. And according to the opinion expressed in buggyone's previous link, even the legality of claiming separate homestead exemptions for homes owned individually is up in the air right now.
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