Your How-To Guide for Saving Significant Taxes by Moving from New Jersey or New York to Florida

Introduction

Most of us who have visited the Sunshine State from the Northeast have from time to time been tempted to move there for a variety of reasons. Its warm climate is inviting and offers proven health benefits: physically – a greater opportunity for outdoor activities like tennis and golf; and mentally – greater exposure to natural light that wards off the “winter blues.”

There are also substantial tax advantages to be gained from permanently relocating to Florida from the Northeast, which are explored in this Florida guidebook. This guidebook addresses the often asked questions: Can I maintain a residence or conduct business in New Jersey or New York, but still be treated as a Florida resident for income tax purposes? Assuming I become a Florida resident, will I necessarily save money on state income taxes? The answers to these questions are fact-sensitive and often depend on the connections with, and how much time one spends in, the Northeast versus Florida and the sources from which the income is earned or derived.

Our guidebook, now in its 3rd edition, was first introduced in April of 2010, and many changes have happened since then. New legislation passed at the end of 2017 doubling the federal estate tax exemption, which had been $5.49 million, to $11.4 million as of 2019, with a scheduled reversion to $5.6 million in 2026.

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