Florida does not tax personal income. If a sale, a stock vesting or another large gain is ahead of you, estimate what your current state could tax, and see why the planning has to come before the event.
Example: under the assumptions shown, a California resident with a $20 million taxable gain could owe about $2.66 million in state income tax.
Hypothetical estimate under these assumptions. Excludes federal tax, local taxes, deductions and credits. Changing residency has legal requirements, and a former state may still tax some income. Not tax or legal advice.
The Liquidity Event Tax Estimator provides generalized estimates based on the gain you enter and published top marginal state income tax rates. Results are hypothetical and intended solely for educational and illustrative purposes. Actual tax owed will vary. Tax laws are subject to change. This tool does not constitute tax, legal or financial advice.
An estimate is a starting point. The planning has to happen before the sale.
Choose your state and the gain you expect. Your estimate updates as you go, with nothing to sign up for.
A PDF with your estimate, how it was calculated, the source for each rate and questions to raise before a sale.
A Moran Wealth advisor reviews timing, residency and structure with you, alongside your attorney and accountant. The consultation is complimentary.
Guides and checklists from Moran Wealth Management®.
The steps that show a move is real: where you file, vote, bank and spend your days.
How buyers value a private company, and what owners can do before going to market.
Why timing matters, and what a former state can still tax after you move.
Accounts pass by designation, not by will. Check that each one says what you intend.
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Much of the tax and estate planning around a sale has to happen before the deal is signed. These are the decisions with a deadline.
States generally tax their residents on gains from selling stock in a business. Florida does not tax personal income, so an owner who has properly established Florida domicile before a sale may owe no state income tax on that gain. The move has to be real and documented, and a former state can still tax income sourced there.
Whether a deal is a stock sale or an asset sale, paid at closing or over time, affects which state can tax it and when the tax is due. These terms are negotiated early, which is why your wealth advisor, attorney and accountant should be in the conversation before a letter of intent.
Gifts to family trusts and charitable vehicles are generally most effective when made before a sale is certain, while the value is still lower and unsettled. After closing, the same gift moves cash that has already been taxed. Moran Wealth Management® is an independent, fee-only registered investment adviser based in Naples, Florida. Registration does not imply a certain level of skill or training.
No. The Florida Constitution bars a state tax on the income of individuals, so wages, investment income and capital gains are not taxed by the state. Florida also has no state estate or inheritance tax. Federal taxes still apply.
Domicile is your permanent home, the place you intend to return to. Common steps include filing a Florida Declaration of Domicile with the clerk of the circuit court, obtaining a Florida driver license, registering to vote, claiming the homestead exemption and spending most of your time in the state. A declaration is evidence of domicile, not proof on its own. Your attorney should confirm what applies to you.
It can. States may tax gains tied to property or business activity located there, and they often examine residency changes made shortly before a large sale. The outcome depends on the type of sale, the assets involved and how well the move is documented.
Several states treat you as a resident for tax purposes based on days spent there, even if your domicile is elsewhere. New York, for example, can treat you as a resident if you maintain a permanent place of abode there for substantially all of the year and spend 184 days or more in the state. Any part of a day counts as a day, so keeping records matters.
As early as you can. There is no fixed safe period for a change of residency, and gifting and charitable strategies lose much of their benefit once a sale is certain. More lead time generally means more options.
It applies your state’s top marginal income tax rate to the gain you enter and compares the result with Florida, which does not tax personal income. For Minnesota and Massachusetts it also applies the surtax on income over about $1 million, and for New York it uses the rate tier that matches the size of the gain. It is a simplified, hypothetical illustration that leaves out federal tax, local taxes, deductions and credits.
A conversation with a Moran Wealth advisor covers what the estimator cannot:
Disclosures
The Liquidity Event Tax Estimator provides generalized estimates based on the information you enter and published top marginal state income tax rates. Results are hypothetical and intended solely for educational and illustrative purposes. Actual tax owed may vary based on your specific tax situation, the structure of a transaction, residency determinations and applicable tax law. Tax laws are subject to change. This tool does not constitute tax, legal or financial advice, and use of this estimator does not establish a client relationship with Moran Wealth Management®, LLC. Consult a qualified tax professional and attorney before making decisions based on these estimates. Moran Wealth Management®, LLC is a Registered Investment Adviser.
Moran Wealth Management®, LLC (MWM) is an SEC registered investment adviser located in Naples, Florida. Registration as an investment adviser does not imply a certain level of skill or training. The publication of MWM’s web site on the Internet should not be construed by any consumer or prospective client as MWM’s solicitation or attempt to effect transactions in securities, or the rendering of personalized investment advice over the Internet.
A copy of MWM’s current written disclosure statement as set forth on Form ADV, discussing MWM’s business operations, services, and fees is available from MWM upon written request or by visiting adviserinfo.sec.gov. MWM does not make any representations as to the accuracy, timeliness, suitability or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.
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