Thank you to @nburnsrealtor and @57ocean for the great information about this important topic:
"New Yorkers are flocking to Miami because of Florida’s tax shelter.
New York state residency rules and making a move to Florida."
Like a long line of other wealthy New Yorkers, President Trump has decided to establish his legal residence in Florida, apparently at least in part to save money on his taxes. But changing one’s legal home is not so simple.
Under state law, taxpayers who spend 184 days a year in New York, more than half the year, have to pay state taxes on all of their income. But even if a person does spend most of the year out of state, that is not enough.
Florida is one of the few states with no state or local income taxes and has long been a preferred destination for wealthy New Yorkers looking to lower their tax bills. ♦️Contact me if you need more information. (786)263-3234.
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