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MAKING FLORIDA YOUR DOMICILE
Posted by V.K. [Mel] Melhado P.A. on Sunday, January 3rd, 2010 at 8:40pm.
Depending on the state you are from and if you own a second property in Naples, Florida, it might be well worth investigating the possibility of establishing your domicile in Florida for the purpose of reducing or totally eliminating income and estate taxes. Enhancing that position, the State of Florida has eliminated the Florida estate tax and repealed the intangible tax on stocks and bonds.
Retirees who have substantial securities portfolios have benefited from the 15% income tax on capital gains, as well as stock dividends. To contrast that, if you were living in the State of New York, both dividends and capital gains are subject to as high as a 7% income tax. The failure of a state like New York to give relief to its wealthier investors has forced many to establish their domicile in Florida and New York is not alone.
The State of Florida has published a handbook with vital information for new Florida residents or those considering establishing residency. You can find that handbook by clicking on the image to the left or HERE.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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