My husband and I both retired early (ages 57 & 59) in January and moved to Florida on Jan. 5, 2008 (we own the home). At the end of May we came back to NY for the Summer and will stay until October (own home here also). We did not change our residency to Florida but are considering changing it to Florida when we go back (if it a good thing to do).
Are there pro's and cons on doing this? I do know there is a resident property tax break and no state income tax in Florida but not sure if there are other benefits. Can anyone help educate us on this important decision??
Also, if it is a good thing to change to FL residency, do we need to pay NY state tax for the full 2008 year?
Thanks, I appreciate it!