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Old 07-06-2012, 09:41 AM
 
108 posts, read 211,627 times
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Can anyone tell me how homested exemptions are handles when you own two homes and both are primary residences? I think your only allowed one exemption. Do you place each home in one or the other spouses name to avoid the tax?
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Old 07-06-2012, 09:44 AM
 
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no. they cannot both be primary residences, even if you split between then. You choose which is the primary resident. this state is where you file homestead and where you get your drivers license, file your income taxes, etc. The other state you do not claim homestead.
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Old 07-06-2012, 09:50 AM
 
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What if you live in one as a primary and your spouse lives in the other as a primary?
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Old 07-06-2012, 09:57 AM
 
Location: Sarasota FL
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To legally receive one homestead exemption, you must be a permenent resident. To be a permenent resident, you must either-
Declare domicile at the Court House
Get a FL drivers license
Get a FL vehicle registration
Register to vote
File Federal income tax with FL address
Transfer financial matters to a FL bank.
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Old 07-06-2012, 09:58 AM
 
Location: Port Charlotte, FL
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Here is the Sarasota County web site which explains homestead exemptions - Homestead & Other Exemptions

Here is the Manatee County web site which explains homestead exemptions - Manatee County
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Old 07-06-2012, 10:01 AM
 
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My question relates to owning a home in two states. My spouse and I are both on the title in FL and it was our primary residence, however I am now purchasing an out of state home which only I will reside as a primary residence.
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Old 07-06-2012, 10:05 AM
 
Location: FL
1,711 posts, read 2,782,530 times
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Quote:
Originally Posted by Algenubi View Post
What if you live in one as a primary and your spouse lives in the other as a primary?
I believe it is possible. My landlord in MI had rentals and primary houses in FL and MI and he had all kinds of different ownership combos. Himself only, her only, both of them on certain deeds, homesteaded on both ends.
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Old 07-06-2012, 10:34 AM
 
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You are only allowed one homestead. We had two primary homes - one in NC and one in FL. FL was our homestead. We don't own the NC home anymore.

You will get in big trouble if you try to circumvent this.
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Old 07-06-2012, 10:51 AM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,593 posts, read 5,151,673 times
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The Sarasota property appraiser's web site has detailed information regarding homesteading of properties.

You might find the following page from their site useful: Permanent Resident Requirements

At the bottom of the page it mentions a situation where 2 spouses reside in separate locations and can still apply for a homestead exemption, there is a Separate Family Unit Application. To find out if this is applicable to your situation, they provide a phone number to call.

My suggestion would be to call. If you attempt to take a homestead exemption for which you do not qualify, there are penalties. (Those are explained on another page of the property appraiser's web site.)

As someone else mentioned, it's just not worth taking a risk on something like this.
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Old 07-06-2012, 01:13 PM
 
398 posts, read 744,376 times
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Quote:
Originally Posted by Algenubi View Post
My question relates to owning a home in two states. My spouse and I are both on the title in FL and it was our primary residence, however I am now purchasing an out of state home which only I will reside as a primary residence.

Married individuals can either file a joint income tax return or, if they choose separately but you could be giving up tax deductions and credits by doing so.

You better talk to whoever does your taxes, to make sure that you aren't losing, when it is all said & done.
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