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Florida residency easy, becoming an "un-resident" not so easy

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Real Estate Agent with Downing-Frye Realty, Inc. Naples, FL

Florida residency easy, becoming an "un-resident" not so easy

 

The tax man may not agree with your residency claims

 

Becoming a resident of Florida requires a bit more than purchasing real property in the state. You do need to prove that you really reside in the state and make it your domicile. Some of the steps to take include owning real property, having a Florida driver's license, register to vote in Florida, have all your bank accounts in Florida, declare a homestead, and live in Florida for more than six months. The last item is terribly important if you own real property in another state. This list is not complete and it is not intended to be legal or tax advice. Please consult professionals in these fields.

 

People can run afoul of the tax man in what was your home state. How so? Each state will apply different tests to determine if they think you are a resident and they will demand payment of income tax. When you bought your new home in Florida, did you sell you residence in what was your home state? Do you still maintain bank accounts in that state? Where are all/most of your treasured personal possesions kept? I think you can start to see the trend... This, also, is not complete and it is not intended to be legal or tax advice. Please consult professionals in these fields.

 

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