Moving for retirement tax reasons

[lynxville]

I became a snow bird, best of both worlds. Don't care much for snow anymore. Not much you can do outside in winter but shovel. Yes you can save some tax money but it's not a lot. It's more of a quality of life issue. The kids fly down for winter vacation, I have different friends in each state, and I look forward to going south in winter and look forward to going north in summer.

[Brat]

For those headed to FL: be sure to factor in the cost of property (home) insurance. Income taxes are at least deductible.

[travelover]

Quote:

Originally Posted by Brat For those headed to FL: be sure to factor in the cost of property (home) insurance. Income taxes are at least deductible.

Just don't insure. I think the losses are deductible.

[AllDone]

We had some pretty extreme cold here in San Diego last month. My gas and electric bill was nearly $50. I'll be glad when summer returns next month.

[jebmke]

Quote:

Originally Posted by travelover Just don't insure. I think the losses are deductible.

Under some circumstances and only the excess over 10% of your AGI. Remember that the deduction is only worth the amount (less 10% of AGI) times your tax rate. Insurance pays for the amount less your deductible -- of course you are out the premium.

If a cane sweeps your house out to sea, that is a pretty big nut to recover via tax deductions.

[travelover]

Quote:

Originally Posted by jebmke Under some circumstances and only the excess over 10% of your AGI. Remember that the deduction is only worth the amount (less 10% of AGI) times your tax rate. Insurance pays for the amount less your deductible -- of course you are out the premium. If a cane sweeps your house out to sea, that is a pretty big nut to recover via tax deductions.

Thanks for clarifying this. Now I understand why people buy home insurance.