Are you a Florida resident? You may think so but if you also reside in another state, that other state may not agree.
There have been some recent court cases that challenge Florida residency for those who aren’t living here full time but enjoy our state income tax free status. For example, the founder of Paychex, Tom Golisano, resides here in Naples and according to an article in the Naples Daily News, he’s saved millions every year by not being a New York resident.
Many others have saved thousands if not millions by calling Florida their home but there’s more to Florida residency than just buying a home, getting a license and registering to vote. For example, if you have a home in Florida and live in Minnesota for 183 days out of the year and own, rent or occupy a home there you may be a Minnesota resident not a Florida resident. Here’s more information on determining your Minnesota residency.
Another state that requires specific behaviors from residents and non-residents is New York. New York requires individuals to prove that they were not residing in New York for 183 days out of the year and uses a test of where one hangs one’s hat, where one’s minor children reside, and where one’s near and dear items are located. If your family heirlooms are in your New York home, you may just be a New York resident.
It’s great to be a Florida resident, not pay state taxes, enjoy the amazing winter sunshine, and have low property taxes. Just make sure that you qualify from your “former” home state so that you don’t get surprised with high taxes and back taxes. Talk to your accountant and your attorney to make sure that you’re in compliance with the state regulations if you own or rent another residence and/or work in another state other than Florida.
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