TaxConnections

Ask Tax Question

For retirement, is it better to be an Illinois resident or a Florida resident?

Retirement
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Daniel Bosler
From strictly an income tax view, it would be better in Florida. Florida has no state income tax, while Illinois does.

This is only one factor to consider, however. Illinois has a sales tax rate of 8.19%. while Florida has a sales tax rate of 6.69%. Generally speaking, services are not subject to sales taxes in either state. Most Florida local jurisdictions have have some sort of sales surtax, while a number of cities in Illinois have sales tax (the Illinois rate listed above is an average charge).

What are property taxes in your area of Illinois compared to property taxes in Florida? How do real estate values compare? Assuming you have property in both states, this is a mute point, but if you are looking to choose whether to choose one or the other for retirement, and are looking to sell one of them, this would be important to consider.

Hope this helps. Dan Bosler, EA
Leave a Comment 63 weeks ago



Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA

President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today