How Snowbirds can Establish Florida Residency for Tax Purposes
By Aline Wealth Management on September 26, 2024
It is well-known that Florida is one of only a handful of states without an income tax. You can potentially save thousands to millions of dollars each year if you satisfy Florida residency requirements. But if you spend summers up in the Northeast how do you establish residency in Florida for tax purposes? You need to show that Florida is your primary and permanent home or risk getting an unwanted tax bill from your summer state on all of your income.
Our next guests are CPA Kenneth Lindenbaum and estate attorney David Pratt. Mark, David, and Ken discussed the tax implications of changing domicile from high-tax states like New York and California to non-tax states like Florida, with a focus on the concept of domicile versus residence and the tax advantages of changing one’s domicile to Florida. They also explored the complexities of tax implications for businesses operating in New York and Florida, the residency requirements for New York State taxation, and the process of changing one’s domicile from New York to Florida.
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