Home / Home Builder News / How to claim Florida as your state of residence to save on taxes

How to claim Florida as your state of residence to save on taxes

By Dominick Tascher Group

NEW YORK – June 13, 2017 – Question: I live in New York. If I buy a second home in Florida, can I count Florida as my residence for state tax purposes?
Answer: Maybe, and claiming the Sunshine State as your permanent residence could save you a lot of money. Florida has no state income tax, whereas New York has a top income tax rate of 8.92%. But you can’t just tap your heels together to make it happen.
And tax officials in states that are home to a lot of snowbirds – New York and Minnesota in particular – have become more aggressive about going after people they consider taxpaying residents.
State laws vary, but in general, you need to be able to prove that you intend to make the low-tax state your permanent home, says Rocky Mengle, a senior analyst for Wolters Kluwer Tax & Accounting.
The easiest way to do that is to sell your place up north and move down south. Of course, for many retirees, it’s not that simple. You may want to keep the northern home in your family or return there during the summer months. If that’s your plan, be prepared to keep meticulous …read more

Source:: SWFL Real Estate

    

How to claim Florida as your state of residence to save on taxes
How to claim Florida as your state of residence to save on taxes