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BOCA RATON, Fla., Jan. 23 /PRNewswire/ -- Many retirees from the North who rent for several months in Florida are shortening their stay because of higher rental rates that have increased to keep up with spiraling insurance rates. However, the reverse is true for those who own a Florida home. Some snowbirds hit by skyrocketing insurance rates and increased real estate taxes are extending their Florida stay in hopes of reducing expenses by avoiding northern taxes. 183 days is the magic number. But will it work? Allan R. Lipman, an attorney who has authored two books on the subjects answers the question at www.snowbirdguide.com . In a 35 minute free audio webcast, he answers the 10 questions most frequently asked by Florida snowbirds who are either considering a change of domicile to Florida or who have already done so.
Lipman, who has a law office both in Florida and New York, lives in Boca Raton during the winter. "Hit with higher expenses, both up north and here in Florida, many snowbirds are opting to downsize their northern home, quit their northern country clubs and extend their stay in Florida," observes Lipman.
The motive is not only the weather, but to avoid northern state income taxes and state estate taxes. Florida has neither. As a bonus, Florida caps annual increases in real estate assessments to 3% for snowbirds who make the domicile change. Also, it has repealed its annual intangible tax on stocks and bonds.
Assuming a snowbird is otherwise qualified, income taxes in New York and some other northern states may be avoided if a snowbird is not present in the northern state for more than 183 days in a calendar year but it is critical that a diary be kept and that the days are properly counted. For example, in New York if the plane lands in New York at 11:00 p.m. on a Friday and departs at 6:45 a.m. on a Sunday, New York counts both Friday and Sunday as a full day in New York.
Assuming a snowbird is otherwise qualified, income taxes in New York and some other northern states may be avoided if a snowbird is not present in the northern state for more than 183 days in a calendar year but it is critical that a diary be kept and that the days are properly counted. For example, in New York if the plane lands in New York at 11:00 p.m. on a Friday and departs at 6:45 a.m. on a Sunday, New York counts both Friday and Sunday as a full day in New York.
Assuming a snowbird is otherwise qualified, income taxes in New York and some other northern states may be avoided if a snowbird is not present in the northern state for more than 183 days in a calendar year but it is critical that a diary be kept and that the days are properly counted. For example, in New York if the plane lands in New York at 11:00 p.m. on a Friday and departs at 6:45 a.m. on a Sunday, New York counts both Friday and Sunday as a full day in New York. |
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