How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ed Johnson Your Own Question
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
586644
Type Your Tax Question Here...
Ed Johnson is online now
A new question is answered every 9 seconds

What are the Pros and Cons of decalaring residence in ...

Resolved Question:

What are the Pros and Cons of decalaring residence in the state of Florida compared to the state of New Jersey?
Submitted: 8 years ago.
Category: Tax
Expert:  4ren6 replied 8 years ago.
Are you referring to the legal reasons for residence..........or overall.........you question posted in legal. I am in Florida.
Customer: replied 8 years ago.
From a tax related perspective(death, real estate, income), insuarnce costs, utility costs, and food costs.
Expert:  4ren6 replied 8 years ago.
let me transfer this to tax then. as it is more tax related then legal.
Expert:  4ren6 replied 8 years ago.
I have passed this on to a tax expert who works tax and legal. They should respond. Thanks for being patient...........
Customer: replied 8 years ago.
Reply to 4ren6's Post: This question relates to taxes for state residences of Florida. What taxes must be paid when a full time resident of florida compared to state taxes ro be paid for New Jersey resident.
Expert:  Ed Johnson replied 8 years ago.

DearCustomer

Thank you for your question. I have been asked to take a look at this.

The main benefit is that their is no income tax.

However the main detractor is that depending on where you are located, the sales tax can reach as high as 15 percent (some tourist sites).

Also, in most metro areas, properties are assessed at 100 percent of market value.

So you can in many instances pay a bit more in property and sales tax, but you pay no state income tax.

Here are two sites that will help you to compare total tax burden and a list of all state taxes for each state.

Let me know if these are useful to you.

http://www.retirementliving.com/RLtaxes.html

http://www.taxfoundation.org/news/show/335.html

(and now I just gave away a key resource to all the other experts on this site)

Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Ed Johnson and other Tax Specialists are ready to help you

Related Tax Questions