Does Living in Puerto Rico have Tax Advantages?

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ABOUT JASMINE DILUCCI, JD, CPA, EA

Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.

Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution

How Jasmine Got Here…

18: Became an Enrolled Agent, licensed to represent taxpayers before the IRS.
22: Earned an Accounting Degree and a Master’s in Finance.
23: Became a CPA
24: Stepped into leadership as she took over her own CPA firm
26-28: Juggled full-time studies at SMU Law while she was growing her CPA firm.
28: Graduated from law school 4th in her class and became an Attorney, all while managing her CPA firm.
29-31: Expanded her CPA firm to seven figures, with a focus on delivering top-notch service and exceptional value to every client.
32: Launched Tax Leverage to offer free online education and combat the rise of “tax gurus,” aiming to provide real, accessible tax knowledge.
Today: She’s dedicated to running her firm and leveraging her expertise to educate and empower others, helping individuals and businesses navigate the complexities of taxes and finance.

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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.

# # #jasminedilucci

[TailspinMedia]

ironically this guy is one of the bigger scammers but he was 100% right on that specific topic lol

[charliessantos]

Puerto Rico is a commonwealth of the US not a different country.

[jamesap]

Don't worry Puerto Ricans I feel you. Im from Guam, and people don't know it's a US territory either

[dr.j]

Also know that the tax relationship between PR and the US has changed many times over the years. That benefit can go away in any given year.

[SlinxPR]

For the 4% under Act 60 requires requesting a decree for specific businesses and compliance under the code (Puerto Rico Internal Revenue Code) Not all businesses qualify. Same goes with Investor Residents (also under Act 60), which is not for locals, but for non-residents who become residents specifically for the Investor Resident decree regarding capital gains exemption. Definitely do not do this move without a proper consultation and a full tax plan in place. More than half my clients with Act 60 arrive after they attempted this on their own and without a proper plan and not managing proper compliance. We (PR Residents) don't pay tax at federal level due to Section 933 (the exception mentioned), but we do pay tax to the PR Government which can be higher, same or lower then that to the Federal Government.

[toddhellyar]

When I lived in Switzerland, because of the pressure from the US, the Cantonal banks had signs on the window saying that US passport holders were nit welcome as customers (since they didn't want to comply with new laws which removed the Swiss secrecy rights).

[SubieStoo]

Wow! JD, CPA, and an EA. This girl knows her stuff!

[kylekotecha]

I almost did this. Act 20 and 21 or 60. I can’t remember, but we had a place picked out. I read “tax free wealth” and learned RE to offset taxes.

[GAFB]

Here is one they got right from a technical standpoint 👍

But I always tell people that tax should be a consideration for your actions, but it should not be the only consideration. Personally, I would NOT move to Puerto Rico JUST to pay less in tax. Maybe it would be a consideration, but I would only move to Puerto Rico (or anywhere else) because I wanted to specifically live there! In my opinion, people put too much emphasis on tax instead of doing what it right for you and or for business.

[quinzoto]

another requirement is mandatory donations to local nonprofits for 10k per year plus a yearly report that costs 5k to file.

[JAHamilton]

You might want a Puerto Rican CPA…… no one had that on their word combo bingo card 😂

[Ooilei]

On the mainland, not the "US", Puerto Rico is still the US, it's just not a state, Puerto Ricans are American and Puerto Rico is American territory, it is not foreign in anyway

[Amen.]

The Jones-Shafroth act, enacted March 2, 1917, superseded the Foraker act and granted US citizenship to anyone born in Puerto Rico on or after April 11, 1899. Portions of the Jones act, were superseded in 1948. Also in 1948, the US Congress mandated Puerto Rico to draft its own constitution which, when ratified and implemented in 1952, provided greater autonomy as a territorial Commonwealth.

[nathanielcowan]

Puerto Rico is in the US. The residents are American citizens. The sale just needed to happen after they were an established permanent resident of Puerto Rico which just means moving there and living there for more than half the time/half the year.

[trapp]

Very nicely explained, i enjoy listening and learning about all the tax stuff ! All your clips.Thanks for making Tax realitys better !

[JV-irzw]

WoW I didn't know that Thanks for the Info appreciated ❤❤

[MonteAdorableMax]

So, we're not going to call out that Puerto Rico is NOT a foreign country?

[aacastrocomandante]

Can you talk about how distributions of US Roth IRAs and US traditional IRAs are taxed if you retire in Puerto Rico? Same with 401k plans that aren’t dual qualified?

[boeing]

It’s the same thing in the USVI as well. They have a program where they can deduce the federal taxes to whatever they want because they don’t pay federal taxes to the mainland. You only have to live there six months out of the year.

[boeing]

It’s the same thing in the USVI as well. They have a program where they can deduce the federal taxes to whatever they want because
they don’t pay federal taxes to the mainland.