30 Aug We’re moving to Florida. Will N.J. tax all of our income?
Photo: pixabay.comQ. My wife and I are moving to Florida on Oct. 25 and we will become Florida residents. We will declare our domicile there, get new driver’s licenses and register to vote. We have spent six months in Florida this year. When we file our 2024 income taxes, can we exclude our income for the months of November and December because we will no longer be residents of New Jersey?
— Moving
A. The Garden State will miss you.
As you noted in your question, establishing your domicile is important.
When people change their state of residence, they have to pick a date in which they officially are no longer a resident of the old state and are a resident of the new state, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.
“Normally, that date is the date they sell their old home and leave the state,” he said. “In your situation, your date would be Oct. 25. And yes, any income earned after Oct. 25 will not be subject to New Jersey income tax.”
Good luck with your move.
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This story was originally published in August 2024.
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