Navigating Your Illinois Tax Departure
Establishing Bona Fide Residency in Puerto Rico
Sourcing Your Income for Act 60 Benefits
Frequently Asked Questions
Can I keep my house in Chicago after moving to Puerto Rico for Act 60?
While you can retain property in Illinois, it can complicate your efforts to sever ties and establish a 'closer connection' to Puerto Rico. Keeping a home available for your use in your former state can be a significant factor weighed by tax authorities when determining your domicile. We can help you analyze the potential risks and structure the ownership and use of the property to mitigate them.
How are my existing stock options or investments treated when I move from Illinois?
The tax treatment of pre-move appreciation on assets like stocks and options is complex. Generally, appreciation that occurred while you were an Illinois resident will be subject to Illinois and federal tax upon sale. Only the appreciation that occurs *after* you become a bona fide resident of Puerto Rico is eligible for the 0% capital gains rate under Act 60. Our review can help you establish the proper cost basis and documentation.
What's the difference between your AI review and a traditional CPA?
Our platform is designed to augment, not replace, expert advice. Traditional CPA firms charge between $5,000 and $25,000 for Act 60 reviews. Our AI analyzes over 200 compliance rules in minutes, providing a comprehensive, CPA-verified report at a fraction of the cost. This allows you and your advisors to focus on strategic planning rather than manual box-checking, ensuring a more thorough and efficient compliance process.
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This content is for informational purposes only and does not constitute tax, legal, or accounting advice.