Florida is one of the very few states that does not tax its residents individually on their income and wages earned. It is only one in seven states that does not.
This means that any resident in Florida will pay income tax to the IRS on income and wages earned, however, will not be doubly taxed as in most states.
Florida does, however, have other taxes common to most states including:
- State Sales Tax
- Tangible Tax
- Intangible Tax
With the growing real estate trends in South Florida, this is certainly news anyone looking to invest or relocate into Florida can use.
Don’t go it alone. Use the services of a qualified real estate attorney when buying or selling real estate.
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