Declaring a home as a primary residence and claiming homestead exemption

[miamicuse]

Just purchased a home which I intend to use as a primary residence eventually. But I intend to do some substantial remodeling before moving in and it may take six to nine months to complete. During this time I will continue to stay at my current home, after the remodeling is completed I will move to the new home, then I will fix up the current residence to increase it's value for resale, and that may take a few months. So there may be a period of nine months or more that I will be fixing up one place or the other. How should I deal with the primary residence and homestead exemption issue? I can't claim both as primary residence... Will it be the best to claim homestead as long as possible on the current home since the property tax will stay depressed for the longest time?

MC

[Edwin Pawlowski]

You really have to ask a good accountant. Or a good tax lawyer. Her, you may get opinion, but facts can be harder to come buy. If you get an IRS audit, will you show them copies of the recommendations from a newsgroup as evidence? I'd sure like to watch if you do.

[Charlie Bress]

Presumably you are in Florida. Go to

simple answer is the location that you are actually using as your residence on January 1.

Charlie

[Robert Gammon]

Are you in Florida?? Or some other state. Texas has a homestead exemption too, don't know about other states.

So it is VERY very important to know WHICH state you live in.

Miami is a city name in more than one state

[Charlie Bress]

In the chance that the OP is in Miami Texas, (in Roberts County) then the appropriate link for information would be

Isn't it better to givean extra bit of information instead of just complaining that mi presumption might have been wrong?

I will not check into any other states.

BTW, the requirements are essentially the same.

[Goedjn]

[Norminn]

Claim the one that gives you the highest savings. In the new home, if the previous owner owned it a long time, the taxes will go up for you substantially because of the "Save our Homes" tax rise cap, I believe. Register to vote from whichever one you decide on. Don't think the gov' t goes around to see if you are sleeping in the homestead.

I changed my voter regis. when I moved in with hubby and was getting ready to sell my house. I promptly got a notice saying my homestead ex. was cancelled because I registered to vote elsewhaere. Just changed the vot. reg. back to my house until it was sold.

[Stubby]

Your problem might not be the new state letting you declare it as your residence. Rather the state you are leaving may not let go. That want your tax dollars!

[Norminn]

In my situation, both locations within Florida.

[Robert Gammon]

This is again State specific advice and we do not yet know which state the original poster is from in spite of the label they used for the posting

A little bit of searching shows that there are towns named Miami in Florida Ohio Texas Oklahoma Arizona New Mexico West Virginia Kansas has a county named Miami

And there may be others as well.

[Charlie Bress]

And which ones have homestead exemptions? You are only doing half a job. Not good!

Have you noticed the complaints from the OP?

[Robert Gammon]

No comments at all ever noticed from the OP

Homestead exemptions exist for

Florida Ohio Texas Oklahoma

[miamicuse]

sorry I failed to mentioned I am located in Miami Florida USA.

MC

[miamicuse]

Thank you this is the information I was looking for it is greatly appreciated.

MC