Two Tax Breaks Trump Will Get by Moving from New York to Florida

President Trump isn't the only rich guy out there trying to slash his state and local tax bill by declaring a change of residency from New York to Florida.

(Image credit: Getty Images)

President Trump isn't the only rich guy out there trying to slash his state and local tax bill by declaring a change of residency from New York to Florida. Thousands of other wealthy New Yorkers have tried this move, too. After all, Florida has some of the lowest taxes in the country, while New York has some of the highest.

We'll see how this plan works out for the president once he leaves office. The New York Department of Taxation and Finance has a well-earned reputation for fighting wealthy part-time residents who don't want to pay New York taxes anymore, so it isn't clear yet whether the change of residency will stick for state tax purposes. But if Trump can show a true change of domicile from New York to Florida, the president can save a ton on taxes in the following two ways.

Rocky Mengle
Senior Tax Editor, Kiplinger.com

Rocky is a Senior Tax Editor for Kiplinger with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, he worked for Wolters Kluwer Tax & Accounting and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky has a law degree from the University of Connecticut and a B.A. in History from Salisbury University.