Florida Residency (Homestead, Lee: rent, home, buying)

[nomoresnow]

Originally Posted by rikoshaprl

There is no personal state income tax in Florida.

Sorry, I assumed the OP would understand that there is still federal income tax. That's what I get for assuming.

[equalrightsforeveryone]

Originally Posted by Jkgourmet

True. But that doesn't avoid the requirement to file as a part-year resident in other states in ALL states.

Since you own 3 homes, I'm betting that even in retirement, your income is pretty decent. First smart thing you can do is pay a good CPA a few bucks to answer these questions. I'd suggest one in FL, as that state has no state income tax and that would be the state to reside in the longest each year to minimize state income taxes.

Most states - but not ALL - use a 6 month plus 1 day rule for tax purposes.

Yes but if your accountant doesn't know that then it's time to get a new one. I am assuming that someone with three homes in different states has an accountant of course.

[tmozer]

Having three low cost homes does not make you a rich person. We are far from rich, but we are able to pay the bills. A tight budget is one of the reasons I want to make the right decision about residency.....

No, I have not used an accountant or tax lawyer in many years. I am trying to get quality free advise before I decide to pay for same.....

[equalrightsforeveryone]

Originally Posted by tmozer

Having three low cost homes does not make you a rich person. We are far from rich, but we are able to pay the bills. A tight budget is one of the reasons I want to make the right decision about residency.....

No, I have not used an accountant or tax lawyer in many years. I am trying to get quality free advise before I decide to pay for same.....

If you own three homes in three different state and you are not using a Good CPA that can file in all three states for you.
More than likely you have been loosing money.
Unless you are a good accountant yourself of course.

[Jkgourmet]

Originally Posted by tmozer

Having three low cost homes does not make you a rich person. We are far from rich, but we are able to pay the bills. A tight budget is one of the reasons I want to make the right decision about residency.....

No, I have not used an accountant or tax lawyer in many years. I am trying to get quality free advise before I decide to pay for same.....

Having three homes may well be part of the reason you have such a tight budget. Why does everyone jump to own something when renting is a much more sensible solution? (that's a rhetorical question)

"quality free advice" doesn't exist - except MAYBE from family members and best friends who are generous enough to share their expertise. Forums like this are wonderful tools for getting quality free opinions and ideas (and some Lousy ones, too).

Hire the CPA. I'd agree with the PP that with three properties you've already missed deductions and paid more in taxes than were required.

[nomoresnow]

I'm one who has commented on this thread, but I feel I need to say this. Most of us here are willing to share our thoughts and comments, and it may be free and with the best of intentions, but it may not always be the correct answer. Remember...you do get what you pay for.

We suggest speaking to a lawyer or CPA because we don't want you to make an uninformed decision. Best of luck.

[purpleash22]

Originally Posted by faithfulFrank

It is my understanding that you must live in Florida 6 months and one day per year to be a resident. I may be wrong, but that is what I thought.

Frank

My wife and I plan to buy a villa in Florida possibly Naples or Venice and live there during the winter months. The maximum we can stay on a 'B2' visa is six months and we have to leave the country before coming back. Now the visa is also strict and one must not stay one day longer than the six months. Yet to be allowed residency one must stay six months and one day taking one over the limit buy one day.

Please can anyone clarify what is meant by 'Residency'? Is that more allowences like voting (though we would not be able to do this not being American citizens). Would this prevent us from buying and living in a property if we can only stay a maximum of six months at one time?

We planned to live in Florida for between three to five and a half months so as to either utilise the three month coma and go free entry, or the 'B2' six months visa and leave a couple of weeks before our limit in case of unexpected delays in return to England tickets or Ash dust from volcanos in Iceland etc.

Sure we could rent a property but ove several years this would be dead money and expensive in rent whereas buying a property out-right with a pension payout would be longer lasting and something one could pass down to relatives in the future to keep or sell.

Please could someone advise me as we love America and want to buy a property to live during your autumn and winters.

[ackermanswfl]

Google ....Homestead Exemption Florida... It will give you some great links to all the information you need. =)

[purpleash22]

[quote=Jkgourmet;20409742] Why does everyone jump to own something when renting is a much more sensible solution? (that's a rhetorical question)
quote]

Looking at some rental prices they might be fine for a holiday (vatcation) for a couple of weeks but for a few months this would soon add up. Many rental agencies adverse renting for you to bring in good income when ones property is empty. So I think it would make sense to buy in the long run especially if one could buy out-right with a pension payment for retirement. I agree feeling out a location before buying is a good idea but long term I woul imaging owning a property would be better?

This is where my previous question of being allowed residency only after six months and one day comes in. Being only allowed to stay a maximum of six months plus zero days, how would thbe possible?

[purpleash22]

ackermanswfl - Thank you very much. Most appreciated ;o)