Quote:
Originally Posted by Seevee
Jim,
Sales tax for a boat and income tax have nothing to do with each other. One is a tax for making money and the other is a tax for spending money.
As for residency, I could argue to make your move now and establish FL residency. Buy, rent or get something down there. Rent a room from a friend, get your license, bank accounts, etc. there. Or perhaps find another state that's user friendly for retirees, but waiting to the last minute could have some issues.
Search out residency requirements and plan accordingly, especially if your goal is to move out and be a boat nomad.
Also, just moving into a rental may not help much, but it's a step.
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Sorry if my post wasn't clear.
Just trying to make the point that if one plans on being a nomad, then perhaps they should remember that most states will tax their income where they reside. Some states may also have personal property tax on boats as well. Thus, perhaps there is more to consider than just the payment of sales tax on the purchase of the boat if one plans on being a nomad.
After living in out house for the past 24 years, it is time for us to sell. We plan on renting a couple of years until I retire. Just before I retire, we will set up residency in a state that doesn't charge income tax so that we can cash out one of my retirement accounts.
Then we will spend the next 18 - 24 months travelling to Europe and travelling the east half of the great loop, running down to Key West and over to the Bahamas.
After that we will probably buy our retirement house.
Jim