[rjm1cc]

1since you can own a home in Fl and pay real estate taxes and still live in another state I do not think any bill to you at the home will work.
A voter registration card may work but as suggested I would contact the cruise co. Do it in writing and take the answer to the terminal with you.

[Arctic Fox]

Originally Posted by mtdjed

You get that where Driver's Licenses are obtained. It's simple...

Thank you for this.

I think the safest/quickest way is for me to stop by the DMV (just down the road) and they can tell me if I'm eligible and what dox I'll need to have.

[Pugchief]

Originally Posted by Pugchief

Just curious if any of you FL residents have any downsides to share. I was planning to change my residency to FL next year. I own a house in TV and another state, and have yet to uncover any negatives to doing this.

Originally Posted by retiredguy123

You don't need to live in Florida all the time to be a Florida resident. Typically, you only need to live in Florida for at least 6 months during the year to be considered a Florida resident, and to avoid paying income tax and certain other taxes to another state.

Exactly, and that is my plan. My UpNorth state has an income tax, FL does not.

But I'm wondering if there are any downsides to being a FL resident vs just keeping my current status.

[Arctic Fox]

Originally Posted by Pugchief

I'm wondering if there are any downsides to being a FL resident vs just keeping my current status.

You forget how to use turn signals.

[nordic tug]

Originally Posted by Pugchief

Exactly, and that is my plan. My UpNorth state has an income tax, FL does not.

But I'm wondering if there are any downsides to being a FL resident vs just keeping my current status.

If you’re a Florida resident and later on decide to sell your house in another state, you may owe the full capital gains tax on the amount of your gain. No exemptions if it’s not your primary residence anymore.

[C. C. Rider]

Originally Posted by nordic tug

If you’re a Florida resident and later on decide to sell your house in another state, you may owe the full capital gains tax on the amount of your gain. No exemptions if it’s not your primary residence anymore.

The IRS rule is that in order to avoid paying capital gains tax on the sale of your house, you must have used it as your principal residence for 2 of the 5 years immediately preceding the sale of the home.

So, if you declare your Florida home as your primary residence in order to save on taxes on your home up north, you had better sell that home up north within 3 years of declaring your Florida home as your primary residence or else you may (likely WILL) owe capital gains taxes on the sale of your home up north.

Of course, if you don't have much capital gain on your home up north, that's not much of a problem, but if you have several hundred thousand in capital gain in your home up north, then be careful about when you declare your Florida home as your primary residence because it could come back to bite you when you finally do sell the home up north.

Here's an article that explains that. It matters not only how much time that you spend at each location, but also how you demonstrate your intentions such as by where you register your vehicles, where you register to vote, where you pay state income taxes (if any), and what address you list as your home address on your Federal 1040 tax forms.

https://www.sapling.com/8110759/irs-...mary-residence


.

[Pugchief]

Originally Posted by nordic tug

If you’re a Florida resident and later on decide to sell your house in another state, you may owe the full capital gains tax on the amount of your gain. No exemptions if it’s not your primary residence anymore.

Originally Posted by C. C. Rider

The IRS rule is that in order to avoid paying capital gains tax on the sale of your house, you must have used it as your principal residence for 2 of the 5 years immediately preceding the sale of the home.

So, if you declare your Florida home as your primary residence in order to save on taxes on your home up north, you had better sell that home up north within 3 years of declaring your Florida home as your primary residence or else you may (likely WILL) owe capital gains taxes on the sale of your home up north.

Of course, if you don't have much capital gain on your home up north, that's not much of a problem, but if you have several hundred thousand in capital gain in your home up north, then be careful about when you declare your Florida home as your primary residence because it could come back to bite you when you finally do sell the home up north.

Here's an article that explains that. It matters not only how much time that you spend at each location, but also how you demonstrate your intentions such as by where you register your vehicles, where you register to vote, where you pay state income taxes (if any), and what address you list as your home address on your Federal 1040 tax forms.

https://www.sapling.com/8110759/irs-...mary-residence


.

And that's what I was looking for. Thanks guys (or gals).