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?
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.
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
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.
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
Kansas has a county named Miami
And there may be others as well.
No comments at all ever noticed from the OP
Homestead exemptions exist for
Oklahoma <-- UNLIMITED
Only West Virginia from the list above does NOT have a homestead exemption
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