CAN MOVING TO FLORIDA SAVE YOU TAXES (MONEY)?

April 10, 2016

According to Solomon, Steiner, & Peck, Ltd. , Attorneys at Law, the answer is yes.

There are many advantages to moving or retiring to Florida that can save you money. To begin with just by changing your residence one can save $1,100.

 

Julie Garber, in an article from About Money states that Florida is one of only six other states that does not collect individual income tax. Moving from a state like New York, someone in a high tax bracket can save thousands, if not millions of dollars in taxes. The prohibition against collecting on individual income tax is part of the Florida Constitution, so this will not change in the foreseeable future. In addition, Florida does not collect a state death tax. Again the Florida Constitution prohibits the imposition of a state death tax. Moving from a state like Massachusetts or New York, a family can again save thousands, if not millions of dollars in state death tax. If you purchase a home in Florida and declare it as your primary “homestead” residence, you will receive two property tax benefits. Another advantage to living in Florida other than the temperate weather and beautiful beaches, Florida provides creditor protection. If someone is sued and loses, the creditor cannot take their home.

 

As tax time nears, this is always a good time to reassess future plans. This year the tax deadline has been delayed until April 18, 2016, providing three additional days to file. Happy returns.

 

Big Island Builders will help make your move to Florida a happy one with a gorgeous new home. 

Since 1999, they have been building exquisite custom homes in Naples and Marco Island, Florida

for full-time and part-time residents, and for families and retirees. For more information, please call 239.262.6867, or visit www.bigislandbuilders.com

 

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