Florida Residency Help

[TommyT53]

It’s time for me to become a Florida resident. I have homes in both Florida and N.Y. and I’d like to keep my summer home in NY while spending the required amount of time in Florida.
My question is do the cars that stay in NY need to be registered and insured in Florida and does the fact that I’m a partner in a N.Y. business hinder my Florida residency quest.
If there is any other suggestions, do's and don’ts I’d appreciate the help.

Thanks...Tom

[Watchflair]

Originally Posted by TommyT53

It’s time for me to become a Florida resident. I have homes in both Florida and N.Y. and I’d like to keep my summer home in NY while spending the required amount of time in Florida.
My question is do the cars that stay in NY need to be registered and insured in Florida and does the fact that I’m a partner in a N.Y. business hinder my Florida residency quest.
If there is any other suggestions, do's and don’ts I’d appreciate the help.

Thanks...Tom

Where is your driver's license? This is the issue in most cases as NY is a dominant state when it comes to sales tax. If your license and insurance are Florida you should have no issue.

If you choose to want to keep NY registration you would just need 6 points to show proof for NY registration (not sure why you would want NY reg)

[77T]

What upside are you seeking with FL residency?
The topic is so broad financial, legal, etc.


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[Tools]

States vary.

We have homes in several states and keep a car registered in each one. All they need is an address for the registration, so that's a question to ask.

Our drivers licenses are in our state of residency.

Serving on Boards, Corporations, or business partnerships in other states, don't generally have much to do with where you legally reside, it just makes your taxes more complicated.

[crew]

I split my time between N.Y. and Florida and own cars in both states. The “issue” that I found was I had to insure the car in the same state that it had its license plates from. For me that means I have 2 cars insured in NY and another 2 cars insured in Florida. I wanted to combine them but both local agents declined the cars from another state.
I am a NYS resident and have no plans of changing residency because I found no benefit in doing so. Many of my friends did change, however. Obviously their financial situations are different than mine. YMMV.

[Patton250]

I’m sorry but Florida is closed. You are definitely welcome to vacation here however that is it. We apologize for any inconvenience.

[Nikrnic]

Sorry I have no positive input for your situation but just wanted to mention that the cars in the opposite state that are not being driven can have the collision removed temporarily while in storage, just leaving the fire and theft coverage active and would be a good cost savings for you.

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[enjoythemusic]

Imho get a FL drivers lisence and make it your primary residence. Register car in FL too of course. This way you avoid paying the NY income ransom / tax / bribery fees to support their overburdened pension ponzi scheme.

[MrGoat]

My neighbor is a snow bird from NY. All of his vehicles are registered in FL. Even the boat he has on a lake in NY is registered in FL. I recall him telling me how much cheaper it was to register vehicles here instead of NY.


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[TommyT53]

Originally Posted by 77T

What upside are you seeking with FL residency?
The topic is so broad financial, legal, etc.


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My accountant says I can save between 10-12k in state taxes. It’s not an inconvenience to spend the required time in Florida. I do like NY in the summer and early fall so at this point want to keep my home here also.

Also I’ve heard NY is considering an exit tax the number I heard is 10k.

I was wondering about the cars and it appears I can go either way.

[77T]

Originally Posted by TommyT53

My accountant says I can save between 10-12k in state taxes. It’s not an inconvenience to spend the required time in Florida. I do like NY in the summer and early fall so at this point want to keep my home here also.



I was wondering about the cars and it appears I can go either way.

Yes the cars are the easy part.

You may want a tax attorney review your income sources. FL Residency won’t bar the NY tax guys from treating you as a “part-time” Resident.

You may be subject to a separate tax on any lump-sum distributions for your NY resident period and/or earned income or passive income arising from or connected with New York sources.


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[77T]

Originally Posted by TommyT53

I agree and if your blue coming to a red state...leave your politics behind.

If you spend time in FL, you should already know it’s plaid




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[enjoythemusic]

Originally Posted by TommyT53

Also I’ve heard NY is considering an exit tax the number I heard is 10k.

Leave ASAP before they confiscate that $10k from you. Many people are leaving NY, NJ, IL, etc due to states trying to fill their ponzi pension funds.

[MrGoat]

Originally Posted by enjoythemusic

Leave ASAP before they confiscate that $10k from you. Many people are leaving NY, NJ, IL, etc due to states trying to fill their ponzi pension funds.

I just read an article that stated 1000 plus people move to FL every day. Probably for some reasons you stated and others.


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[Chiboy]

Does anyone know if a vehicle has to be physically inspected in FL to register it there, or can you just get a FL driver’s license and bring in the registration and register it in FL?

[MrGoat]

Originally Posted by Chiboy

Does anyone know if a vehicle has to be physically inspected in FL to register it there, or can you just get a FL driver’s license and bring in the registration and register it in FL?

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[TommyT53]

Originally Posted by Chiboy

Does anyone know if a vehicle has to be physically inspected in FL to register it there, or can you just get a FL driver’s license and bring in the registration and register it in FL?

No inspections required in Florida. If you can drive it you can get plates.

[cruise_bone]

NY and CA are both very tough to deal with when changing residency status. They fight like no other states.
Change over everything that you can, including Voter registration, which I have not seen above.
There is no exit tax in any US State.
Income earned in NY will always be taxed in NY irrespective of the state you choose to live in.
Live in FL for MORE than half the year. Keep a very detailed calendar of every day spent in each state.
NY may challenge any and all Capital Gains as NY income based on each sale date and your specific days in and out of the State if you try to go NY Non-Res. One slip and they will get their due. If they can challenge your Non-resident status to Part-Year, they will claim that you owe them money on those sales which occurred while in NY. Then they will also go after any other portfolio income they can get their hands on.
Set up a NY PO BOX and get all mail sent there during your NY residency period.
Car registrations should FL only, unless the car(s) stay in NY 100% of the time.

[enjoythemusic]

Originally Posted by MrGoat

I just read an article that stated 1000 plus people move to FL every day. Probably for some reasons you stated and others.

Yup. Been happening for years, yet has accelerated due to States asking ever-higher VIG. That's a big part of the sticking point for next CV19 free money giveaway too. States desperate to temporarily paper over for their losing freebies to get votes and high gov pension funds, which has zero to do with actual CV19 situation.

Originally Posted by Chiboy

Does anyone know if a vehicle has to be physically inspected in FL to register it there, or can you just get a FL driver’s license and bring in the registration and register it in FL?

Drive car to FL, call vehicle registration and reserve first slot in the moring. No line, no waiting as they call your name when the doors open.

PS: When you get license done they ask if you also want to register to vote. FL is efficient like that :)

PPS: Only major downside, I could be your neighbor.

[Tri-Tip]

A friend of mine from CA did this. He was an investor in a business in Florida and his partner died, so he took it over and made FL his residence and purchased a condo. He splits his time between FL and CA.

He got his drivers license in Florida, changed his cell phone number to a Florida number, etc. Not sure if he has his CA bills sent there. He also owns several businesses in CA, so he definitely has ties. I believe his CA businesses pay CA taxes and FL pay Florida taxes.

He has to spend more time in Florida than any other place to qualify as a resident, but he says not necessarily 51% of the year. Could be a mess this year, he has been in CA since April because of his age and not wanting to travel, plus everyone at his FL business is working offsite so there is no need to be in the office there.

The cars at his CA house are still registered in CA and his cars at the FL condo are registered there. As long as the cars are registered in the state he is driving them in there should be no question about where his license is from.

[dba]

Originally Posted by enjoythemusic

This way you avoid paying the NY income ransom / tax / bribery fees to support their overburdened pension ponzi scheme.

Originally Posted by enjoythemusic

Many people are leaving NY, NJ, IL, etc due to states trying to fill their ponzi pension funds.

Get it. You're not a fan of public pensions.

Some of us on this forum are beneficiaries of a public pension. Some of us paid 9% or more of our salary to fund a portion of our public pensions. Some of us even got stabbed, shot at and missed, and shot at and not missed while earning our pensions.

Not everyone's cup of tea, but some of us felt a duty to serve.

[crew]

Originally Posted by dba

Get it. You're not a fan of public pensions.

Some of us on this forum are beneficiaries of a public pension. Some of us paid 9% or more of our salary to fund a portion of our public pensions. Some of us even got stabbed, shot at and missed, and shot at and not missed while earning our pensions.

Not everyone's cup of tea, but some of us felt a duty to serve.

Thank you for your service.
I hope you collect that pension for 100 years. You earned it.

[El Cascarrabias]

Originally Posted by tommyt53

also i’ve heard ny is considering an exit tax the number i heard is 10k.

What!?!

It may or may not be legal but it's sure as hell immoral!

Da-yum!

[SMD]

You need professional advice on this. Legal not an accountant. NY is not going to let revenue go easily. They are absolutely ruthless so unless you cut every tie, you need someone who actually knows the case law on these matters.

[GB-man]

Agree with SMD I’d seek the advice of an attorney. Enjoy your retirement

[DJ TT 2002]

Love Vero !!!!!

Have a family place there.

Can’t wait until I can be there full time.

Best of luck with your plans.
Maybe we will run into each other at Bobby’s someday

T

[crew]

Originally Posted by Tri-Tip

He has to spend more time in Florida than any other place to qualify as a resident, but he says not necessarily 51% of the year.

Never heard that before. My friends have mentioned that they don’t have to be in Florida for 6 months + 1 day to be a resident, they just have to be out of NYS for 6 months and a day.

[enjoythemusic]

Originally Posted by dba

Get it. You're not a fan of public pensions.

Thanks for your service, it is very much appreciated.

Am 100000% ok with pensions, yet the State that offered said pension needs to balance their finances to pay for what they promoised you. Please call the head of finances within your State that controls your pension fund and ask them if their pension fund is 100% funded? If not, what are their plans to shore it up to balance their finances?


Thus any debt from said pensions need to be paid for by State residence. Am sure you agree residence in one State should not have any obligations to pay for promised pensions within another State nor be a burden for the entire country to handle. States need to balance their finances, and offer what they can afford if they so desire.

Thank you for allowing me to clear this up and once again thanks for your service. Now make some calls and i look forward to hearing back from you concerning what your States pension fund has to say about it being fully funded as you did put in a percentage of your income and you trusted them. You deserve answers, and again look forward to reading what you find out.

[Bigblu10]

Originally Posted by MrGoat

I just read an article that stated 1000 plus people move to FL every day. Probably for some reasons you stated and others.


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About the same are leaving the high taxed northeast states and moving to Horry county, South Carolina. (Myrtle Beach area)
My Mom did. Loves it there. Great weather, low, low taxes and nice beaches.

[TK-710]

Originally Posted by enjoythemusic

Thanks for your service, it is very much appreciated.

Am 100000% ok with pensions, yet the State that offered said pension needs to balance their finances to pay for what they promoised you. Please call the head of finances within your State that controls your pension fund and ask them if their pension fund is 100% funded? If not, what are their plans to shore it up to balance their finances?


Thus any debt from said pensions need to be paid for by State residence. Am sure you agree residence in one State should not have any obligations to pay for promised pensions within another State nor be a burden for the entire country to handle. States need to balance their finances, and offer what they can afford if they so desire.

Thank you for allowing me to clear this up and once again thanks for your service. Now make some calls and i look forward to hearing back from you concerning what your States pension fund has to say about it being fully funded as you did put in a percentage of your income and you trusted them. You deserve answers, and again look forward to reading what you find out.

The first article pulls figures from 2017; the last time all 50 states pensions were put head to head. New York State is always one of the largest and well funded and at the time was one of only 8 above 90%. Like all things is down a little this year but still one of the top.

https://www.politifact.com/factcheck...ederal-bailou/

https://www.politifact.com/factcheck...federal-treas/

As to your point that other states residence will have to cover New York, NY pays more to the feds than it takes. Only one of 8 states that can say that. To save time:

The report found that New Yorkers sent $116 billion more than they received in benefits over fiscal years 2015, 2016, 2017 and 2018, while Kentucky received $148 billion more than it sent over the same period. In each of those years, New York led all other states in sending more money to the federal government than it receives, a measure also known as the "balance of payments." Meanwhile, 42 other states received more from the federal treasury in 2018 than they contributed, according to the report.


So as a New York resident yeah I think your right. It is BS that our money is sent to the feds so they can send it to 42 other states but when we get hit by a pandemic first and hardest everyone Acts like we have our hand out.