So I put in a transfer request at work to move to Florida a couple weeks ago. Got the call from my manager today that I'd be needed down there in early November.

 

I've wanted to get out of here for a few years and now I'm finally in a position I can make it happen!

 

 

 

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Where in FL would that be? Congrats.

Goin' to the Gunshine State!

Congrats!!!   That's the way to vote with your wallet.

 

Rob and I both did.

 

Only one problem....You'll blow loads of cash on class 3 stuff.

So I put in a transfer request at work to move to Florida a couple weeks ago. Got the call from my manager today that I'd be needed down there in early November.

 

I've wanted to get out of here for a few years and now I'm finally in a position I can make it happen!

 

 

 

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Bravo Zulu!   Yes, let us know where in FL.  

Although, it would have been nice if they told you earlier so you could establish residency and register to vote down here.... 

Congrats.

Congratz.... We already have that ability. Just have no way to sell the house fast as well as the market for sales being so bad. We want out ASAP but the dang house. Argh.

Congratz.... We already have that ability. Just have no way to sell the house fast as well as the market for sales being so bad. We want out ASAP but the dang house. Argh.

 

John - Take the hit on the house.  And figure out what the payback will be on taxes over the next 5 years.

Not sure what you mean on the taxes, but breaking even won't pay the realtor and the exit tax. Plus need moving fees. I need at least $36K over what I owe to go from point A to B.... That puts it at the top level of what the market value is. Nothing is moving for less. So I have to wait till it's paid down more. Don't have that cash in pocket. Also, nothing is selling around here. Houses have been empty for years in my neighborhood. It sux.

 

John - Take the hit on the house.  And figure out what the payback will be on taxes over the next 5 years.

Not sure what you mean on the taxes, but breaking even won't pay the realtor and the exit tax. Plus need moving fees. I need at least $36K over what I owe to go from point A to B.... That puts it at the top level of what the market value is. Nothing is moving for less. So I have to wait till it's paid down more. Don't have that cash in pocket. Also, nothing is selling around here. Houses have been empty for years in my neighborhood. It sux.

The exit tax is for the most part a myth- If- this is your primary residence for 2 out of the last 5 yrs and married the first 500k (250K single) of profit is not subject to the so called exit tax.  

True. Myth. I didn't pay anything.

 

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Only one problem....You'll blow loads of cash on class 3 stuff.

Ain't that the effin' truth.

Not sure what you mean on the taxes, but breaking even won't pay the realtor and the exit tax. Plus need moving fees. I need at least $36K over what I owe to go from point A to B.... That puts it at the top level of what the market value is. Nothing is moving for less. So I have to wait till it's paid down more. Don't have that cash in pocket. Also, nothing is selling around here. Houses have been empty for years in my neighborhood. It sux.

There is no exit tax.  It's an income tax withholding that you get back when you file your taxes.  From what I can tell they don't collect it any longer.  

Florida? What are you, 80?

Kewl on the exit tax. Guess I'm not affected.

Still short cash though. Ugh

 

 

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NJ's Exit Tax does in deed exist.

 

 

 

Here's how the exit tax works: As soon as a non-resident sells a property, New Jersey withholds either 8.97 percent of the profit or 2 percent of the total selling price, whichever is higher. While the withholding is fair in principle, real estate professionals say it can be a nuisance to the seller

 

http://www.nj.com/business/index.ssf/2010/10/nj_exit_tax_has_real_estate_at.html

Don't believe everything you read. I paid $0 at settlement and $0 on 1040. "siderman" is right.

 

The exit tax is for the most part a myth- If- this is your primary residence for 2 out of the last 5 yrs and married the first 500k (250K single) of profit is not subject to the so called exit tax.

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The exit tax is for the most part a myth- If- this is your primary residence for 2 out of the last 5 yrs and married the first 500k (250K single) of profit is not subject to the so called exit tax.  

 

Correct. That was my experience as well. No Exit tax.  

 

One cosndieration, however is that while taxes and some expenses may be less down here, so is "income/pay."  Incredibly less.  Be ready for that.  Also, some govt. fees, etc. are more expensive. Gas (fuel) is more expensive.  Food is about the same to slightly higher. Water (utility) is more expensive.   

 

Just keep that in mind. 

My wife still works and if we want to move, they will let her work from home and keep her NJ pay scale. That right there is motivation because she does well financially.

My wife still works and if we want to move, they will let her work from home and keep her NJ pay scale. That right there is motivation because she does well financially.

 

OK, but I would tell her to expect no raises or promotion increases, henceforth, until she's at parity with a native Floridian worker (which might not be ever).  Also, she gets no benefit from Florida's "No Income tax" policy. She'll still have to pay "non resident" income taxes to NJ. And she may have additional travel expense if/when she has to appear "in person" at corporate HQ, however many times they ask her to do that.

That's cool, must be nice to move and keep your job and seniority, etc etc.  

 

Hope it works out for you! 

Where in FL would that be? Congrats.

Cape Coral/Fort Myers. I have family down there that's been helping me find stuff. I lived there before but only for my senior year of High School.

 

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Cape Coral/Fort Myers. I have family down there that's been helping me find stuff. I lived there before but only for my senior year of High School.

 

 

I love that area of FL!  The Gulf Coast rocks!

 

Oh and obligatory

Cape Coral/Fort Myers. I have family down there that's been helping me find stuff. I lived there before but only for my senior year of High School.

 

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I just came back from Ft Myers Beach/Sanibel Island.  The west coast is alittle slower than the east.   Marco Island is nice too!

I am still hoping to leave NJ to the East coast of FL someday.

Don't believe everything you read. I paid $0 at settlement and $0 on 1040. "siderman" is right.

 

 

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You were a NJ resident.  I'm technically a NJ resident because I pay the effing shitty, ridiculously high income tax.  However, my D/L is FL.  If that becomes a problem, I'll change it back to NJ, sell my house, change it back to FL.  I'm not allowing the withholding until such time that I file my final income tax return.  

OK, but I would tell her to expect no raises or promotion increases, henceforth, until she's at parity with a native Floridian worker (which might not be ever). Also, she gets no benefit from Florida's "No Income tax" policy. She'll still have to pay "non resident" income taxes to NJ. And she may have additional travel expense if/when she has to appear "in person" at corporate HQ, however many times they ask her to do that.

Opps, not FL. She hated living there. NC...

 

 

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Congrats!

Opps, not FL. She hated living there. NC...

 

 

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John - SC  No pistol permits

John - SC No pistol permits

None in NC either when you get your ccw.

Besides, we have friends and family in NC...

 

 

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Opps, not FL. She hated living there. NC...

 

 

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Well, then she'll have both NC and NJ income taxes with which to deal. I hope she can recover in NC what she pays to NJ.