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Which state to have residency

I am a Michigan resident with a home where I live six months a year.  I also have a condo in Florida where I live six months a year.  I have been retired for many years, but my wife recently retired.  We now have the opportunity to decide which state would be the best for us financially to set up residency.  She had to be a resident of Michigan for work purposes.  I’m having trouble finding someone who has the knowledge of both states to give us our best option.  Then, I guess, there’s always the option to get a legal separation and we each pick one as our residence on paper.  Very confusing when it gets to real estate taxes, taxes on retirement income, etc.  Anyone know of someone we could reach out to for advice?  Appreciate any feedback.  Thanks 

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Hi DavidZ509333 -  I lived in Florida for 53 years.  Florida does not have a state income tax, the homestead rules are generous - basically your house/condo cannot be taken from you while you have the homestead exemption on the property unless you don't pay your mortgage...everything else just becomes liens on the property.  My suggestion is talk to a CPA in Florida and one in  Michigan then choose which one makes sense as your residence and spend 6 months and a day in that state to call it your residential state.

 

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