goheels
Oct 30, 2006, 01:03 PM
This might be complex -- but here we go:
I am looking at purchasing oceanfront property in FL and I am wondering if I can use FL's no income tax laws to my advantage. I own a home in NC and work in sales for a company based in NC. Here are a few of my questions:
1. Can I choose to list FL as my primary residence if I own property in FL and NC -- I am wondering if I can legally argue that I have moved to Florida and I now travel to NC as my company requires (I would be required to be in NC most of the time). Is there a minimum amount of time that I need to spend in FL to be considered a resident? Do I need to register my car in FL and register to vote, etc. to have FL as my primary residence.
2. If I am able to claim residency in FL , am I correct in assuming I would pay NC taxes when I'm in NC and FL taxes when I'm in FL.
3. I travel all over the country, assuming I am able to get FL residency, could I claim that as a "FL resident" traveling for work. I don't spend more than a week in one State before I'm onto the next, so in years past I only filed NC taxes. If I have the place in FL as a primary residence, could I conceivably include that as FL taxable income instead of NC if I'm quickly moving from State to State selling. This is where it would make a big difference -- I travel 25% of the time, so if I can claim that I'm traveling from FL instead of NC -- that would save me a lot on taxes.
4. If I rent this property out part of the year (again, it's oceanfront), can I still claim it as my primary residence?
5. Are there any deductions I am not thinking of? In other words, can I deduct travel expense to and from FL if I pay out of pocket? Other deductions?
I am looking at purchasing oceanfront property in FL and I am wondering if I can use FL's no income tax laws to my advantage. I own a home in NC and work in sales for a company based in NC. Here are a few of my questions:
1. Can I choose to list FL as my primary residence if I own property in FL and NC -- I am wondering if I can legally argue that I have moved to Florida and I now travel to NC as my company requires (I would be required to be in NC most of the time). Is there a minimum amount of time that I need to spend in FL to be considered a resident? Do I need to register my car in FL and register to vote, etc. to have FL as my primary residence.
2. If I am able to claim residency in FL , am I correct in assuming I would pay NC taxes when I'm in NC and FL taxes when I'm in FL.
3. I travel all over the country, assuming I am able to get FL residency, could I claim that as a "FL resident" traveling for work. I don't spend more than a week in one State before I'm onto the next, so in years past I only filed NC taxes. If I have the place in FL as a primary residence, could I conceivably include that as FL taxable income instead of NC if I'm quickly moving from State to State selling. This is where it would make a big difference -- I travel 25% of the time, so if I can claim that I'm traveling from FL instead of NC -- that would save me a lot on taxes.
4. If I rent this property out part of the year (again, it's oceanfront), can I still claim it as my primary residence?
5. Are there any deductions I am not thinking of? In other words, can I deduct travel expense to and from FL if I pay out of pocket? Other deductions?