I'm considering changing my residency from NJ to FL. I spend 7 months per year in FL and most of the remaining months in NJ. Do I have to pay part-year NJ income taxes if I become a FL resident after Jan. 1? I understand that I will lose the 1-time $500K capital gain exclusion if I decide to sell my NJ home in the future. I know there's a formula to retain that exclusion. I've been in my NJ home for almost 50 years and don't have receipts, etc. to document all the improvements/repairs that were done.
I understand that I need to get a FL license and insure at least 1 of of my cars in FL. Besides saving the NJ income tax and possible losing the $500K capital gain exclusion, what other financial considerations s are there? Thank you for your help.
