[DebNYer]

We live in NY and FL. Do we benefit registering in FL (voting and driver's license)? Or, Can we have dual-residency, anyone know? Would we have to surrender our NY drivers licenses? What is best for tax reporting?

[dbussone]

One way you'll benefit relates to the taxes you'll pay. FL has no income tax.

[DebNYer]

Yes! But we will lose our STAR benefit, about $3K. Damned if you do, damned if you don't?

[Villages Kahuna]

Originally Posted by DebNYer

We live in NY and FL. Do we benefit registering in FL (voting and driver's license)? Or, Can we have dual-residency, anyone know? Would we have to surrender our NY drivers licenses? What is best for tax reporting?

• Yes, there are benefits to registering in Florida...IMHO anyway.
• No, you cannot legally have dual residency.
• Yes, you will have to surrender your NY drivers license in order to get one issued from Florida.
• Most people find that there are significant tax benefits living in Florida. As noted above there is no income tax in Florida. New York's marginal tax rates range from 4% to 8.82%. Most New York residents with average income will pay something close to 6.45 to 6.65%. That's a whole lot of money compared to nothing!
• You might also check on the estate taxes in New York. New York is one of only a handful of states that assess an estate tax. Again, Florida has no estate tax. Looks like New York gets you dead or alive!

[raynitsche]

Originally Posted by DebNYer

Yes! But we will lose our STAR benefit, about $3K. Damned if you do, damned if you don't?

You save $3000.00 from STAR?

[Jim 9922]

Can also affect the capital gains tax treatment on sale of your home. (5 year primary home rule)

[Mikeod]

Originally Posted by DebNYer

Yes! But we will lose our STAR benefit, about $3K. Damned if you do, damned if you don't?

Are you sure? There's something on the website that both principal and secondary residences qualify for certain systems.

[2newyorkers]

We also have a home in NY and TV. You can not have dual residency and you can not claim both the STAR and Homestead exemption. Villages Kahuna summed it up well. We spend 6 months in each home. Due to the type of income we have and the STAR program, it was more financially beneficial for us to remain NY residents.