Matthew L. Worsham of Jones Foster. Courtesy photo A Cautionary Tale of Fla. Relocation and Tips for Renouncing New York Domicile/Residence
There are many reasons that Florida continues to attract new residents; however, establishing residency here may not eliminate tax obligations to newcomers' former home states. It is essential that individuals looking to renounce their domicile/residency follow individual state guidelines to avoid costly mistakes.
January 12, 2024 at 10:07 AM
6 minute read
Board of Contributors
Florida is now the fastest-growing state in America, according to 2022 population estimates by the U.S. Census Bureau. While some are drawn to the sun, warmth, and beaches, others are drawn to Florida's tax benefits and homestead protections. Regardless of the reasons behind a Florida relocation, new residents need to ensure that they properly abandon their prior residency or risk having to pay taxes to their former home states. This article examines how one Nebraska couple fell into this trap, and it provides tips for renouncing New York domicile/residency.
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