Florida Tax Advantages

Tax Advantages

 

 

 

 

 

 

 

 

 

As a Florida Resident for the past 17 years, I can list a number of reasons to live here; however, the main one that customers mention to me is our tax savings. (And, it’s probably the number one reason my husband, a professional equity trader since 2004, says we are never leaving the state of Florida.) Take a look at the tax savings below offered to South Florida home owners; especially for those who enjoy a primary residence here and are self-employed.**

1) You pay zero state and local taxes. You do pay Federal Income Tax, of course.

2) Sales Tax is only 6%. Compare this rate to other desirable coastal sunny real estate destinations: California 8.5%, Arizona 6.6%, and Texas 6.5%.

3) Broward County Property Tax is approximately 2% of your purchase price. The best way to get an idea of your particular tax rate is to go to http://www.bcpa.net/taxcalc.asp. Here you’re able to enter the purchase price of your home along with the exemptions that may apply to you including: homestead, disability, and/or widow exemptions.

4) Capital Gains Taxes – As a Florida home owner (primary resident 2 out of the 5 years of ownership) you can benefit from a tax savings of up to $500,000 in capital gains.

**For more details, please contact your accountant. I am not a CPA and you should always consult with a tax specialist that knows your personal situation best.

ReasonstoOwn