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Old 10-12-2009, 11:11 AM
 
Location: Ohio/Sarasota
913 posts, read 2,364,194 times
Reputation: 447

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Quote:
Originally Posted by Big House View Post
Your Husband can declare the house in NY as his primary residence, and you can declare the one in Florida as your primary residence, however you won't be able to get full the $50K property tax credit unless you both declare it as your primary residence. The other benefit is having the rate of property tax increase frozen at the assessed value plus 3% maximum increase. You really should talk to an accountant and have them run the numbers. I don't know what the NY laws say. We are trying to figure out what is best for us in MD and FL as well. Since we own homes in both places.
Since hers is the only name on the Florida residence why wouldn't she get the full exemption? I think they file taxes separately.
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Old 10-12-2009, 11:29 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,103,079 times
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Quote:
Originally Posted by davery5872 View Post
Since hers is the only name on the Florida residence why wouldn't she get the full exemption? I think they file taxes separately.
The tax laws have it covered, if you're married, and you split it so she is on one, and her husband is on the other in the other state, they have law language that covers that. That loop hole won't work. You have to talk to your accountant. I know we couldn't do it, based on their advice.
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Old 10-12-2009, 01:12 PM
 
Location: Ohio/Sarasota
913 posts, read 2,364,194 times
Reputation: 447
Quote:
Originally Posted by Big House View Post
The tax laws have it covered, if you're married, and you split it so she is on one, and her husband is on the other in the other state, they have law language that covers that. That loop hole won't work. You have to talk to your accountant. I know we couldn't do it, based on their advice.
So, how is this verified? I mean, if I say I'm single (and I'm actually married) how do they find out?
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Old 10-12-2009, 01:54 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,103,079 times
Reputation: 1257
Quote:
Originally Posted by davery5872 View Post
So, how is this verified? I mean, if I say I'm single (and I'm actually married) how do they find out?
I am not an accountant so I'm at a loss. I think they call the tax appraisers office in each state, and walk through everything with them. They also have all the tax bulletins, and regulations - which I don't have time to read in order to fully understand. My accounting firm is one of the largest most respected firms in MD, and they have a lot of guys that specialize in certain aspects as well.
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Old 10-12-2009, 03:45 PM
 
Location: Ohio/Sarasota
913 posts, read 2,364,194 times
Reputation: 447
Quote:
Originally Posted by Big House View Post
I am not an accountant so I'm at a loss. I think they call the tax appraisers office in each state, and walk through everything with them. They also have all the tax bulletins, and regulations - which I don't have time to read in order to fully understand. My accounting firm is one of the largest most respected firms in MD, and they have a lot of guys that specialize in certain aspects as well.

I'm just trying to understand this. I'm not getting the exemption, regardless. But you are saying they call the tax appraiser office of all 49 remaining states? And even if they do, what if I'm not a property owner, except for the resident in Florida? I'm just not seeing how the State of Florida is getting the information that I am married, if I tell them I'm single. And it is possible to be married, but live apart. My mom and dad were married for 25 years, but lived aprt for the last 7.
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Old 10-12-2009, 05:07 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,103,079 times
Reputation: 1257
Quote:
Originally Posted by davery5872 View Post
I'm just trying to understand this. I'm not getting the exemption, regardless. But you are saying they call the tax appraiser office of all 49 remaining states? And even if they do, what if I'm not a property owner, except for the resident in Florida? I'm just not seeing how the State of Florida is getting the information that I am married, if I tell them I'm single. And it is possible to be married, but live apart. My mom and dad were married for 25 years, but lived aprt for the last 7.
No, I had my accountants find out for me here in MD, and in Florida. I'm sure they didn't all all the state to find out information for me regarding just two of them. If you only own one home in Florida, and declare the homestead exemption there, then there is no problem. When you fill out the exemption form, I presume you have to fill it out truthfully, and that you have to provide information to them like your SS#, which will them allow to find out everything about you easily, since they are your Big Brother.
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Old 10-12-2009, 06:23 PM
 
15 posts, read 61,589 times
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Thanks, I am seeing a attorney/CPA on Saturday. We don't know if we should file separately or joint. It's very confusing and we do need advise. Whoever we end up taking advise from will be doing our taxes. We don't own anything in New YOrk to declare but because my husband still works in NY he can't claim the house in Florida as his primary house and the mortgage says he is a co-borrower -non-resident. I did not think when we went for it being my primary residence that it would be this complicated. I just figured since we don't own anything it would be my primary residence !!!
Now I'm not sure it was the right thing to do even though it does make sense.
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Old 10-12-2009, 06:49 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,103,079 times
Reputation: 1257
Quote:
Originally Posted by shelray View Post
Thanks, I am seeing a attorney/CPA on Saturday. We don't know if we should file separately or joint. It's very confusing and we do need advise. Whoever we end up taking advise from will be doing our taxes. We don't own anything in New YOrk to declare but because my husband still works in NY he can't claim the house in Florida as his primary house and the mortgage says he is a co-borrower -non-resident. I did not think when we went for it being my primary residence that it would be this complicated. I just figured since we don't own anything it would be my primary residence !!!
Now I'm not sure it was the right thing to do even though it does make sense.
I think you will find that if you (neither of your) aren't declaring a home in NY under a homestead exemption you can declare it in Florida and get the full exemption. It is different than declaring your primary residence as being Florida. In order to do that you need to get licensed and do other things and live their more than 6 months. Homestead is not to be confused with that. It freezes your assessed value and it gives you a reduction of 50K from your taxes. So it is a good thing.
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