CryptoGOV

19 Dec 2023 03:56

So it's saying consult a professional instead of giving me a basic overview.

CryptoGOV

19 Dec 2023 03:42

For that kind of money, I bet I can learn to like it. You just move back after you make the sale.

CryptoGOV

19 Dec 2023 03:41

And how could they tax you on unrealized gains? So if I move to PR, i have to pay tax on houses i own in the U.S, as though I had sold them? Even if I have no intention of selling them?

CryptoGOV

19 Dec 2023 03:39

But suggested (wink wink) multiple times by RH

CryptoGOV

19 Dec 2023 03:37

Sure the old line, but i guess I'll just need a tax lawyer and a few other types of lawyers

CryptoGOV

19 Dec 2023 02:58

Seems like they'd have a hard time knowing you had certain cryptos. Also seems like you'd wanna move during the bear market. Let them tax you on 80 or 90% less. But if that's the case, well you've already paid the tax. Shouldn't be any more to be paid later on then.

CryptoGOV

19 Dec 2023 02:47

It's the value of each asset at the time u moved to PR that is the cost basis for the PR-based gains vs other gains.

CryptoGOV

19 Dec 2023 02:42

The panacea to life's questions and beyond 😁

CryptoGOV

19 Dec 2023 02:36

I’m just saying ser you know if you are going or not maybe not really knowing but your nerves and such can tell his communication to you just highlights the suggestion “go to puerto rico” and nothing else

CryptoGOV

19 Dec 2023 02:21

You read that wrong.

CryptoGOV

19 Dec 2023 02:15

Realize it's a big to do to do that if you want to get out of federal taxes.

If you live in a state with no state income tax and are reasonably happy, don't move to P.R.

CryptoGOV

19 Dec 2023 02:11

Plus u would be subject to a 3.8% Medicare tax for adjusted gross incomes above $200K or $250K, depending on if you file as single or married. To boot, you would also likely be subject to state income tax

CryptoGOV

19 Dec 2023 02:07

In the u.s., if this transaction is subject to personal capital gains tax, what U say is untrue.

CryptoGOV

19 Dec 2023 02:06

The short term gains rate is your normal income rate. Long term gains is zero to 20% typically depending on your income level

CryptoGOV

19 Dec 2023 02:05

How does cap gains tax work again... If you earn more than $492,300 in profit, you have to pay 20% in taxes?

CryptoGOV

19 Dec 2023 03:56

Hmm... ChatGPT seems to not know much about Puerto Rico taxes.

It can't even talk about the basics like exit tax and capital gains.

When I ask it "Does Puerto Rico have capital gains tax?", all it says is "As of my last knowledge update in January 2022, Puerto Rico does not have a separate capital gains tax for residents. However, residents may be subject to U.S. federal capital gains tax on certain income. Tax laws can change, so it's essential to consult with a tax professional or check for any updates to ensure you have the most current and accurate information."

CryptoGOV

19 Dec 2023 03:41

yes, there definitely opportunities in PR, but you need to do the planning to make sure you don't get beat up in the exit taxes in the process. AND that you actually like living there in the first place.

CryptoGOV

19 Dec 2023 03:40

Several times he's said things like "Hey I heard if you live in pr for more than 6 months, you don't pay cap gains"

CryptoGOV

19 Dec 2023 03:38

for the whole move to PR, for sure. ITs not a simple process from what I hear

CryptoGOV

19 Dec 2023 03:10

Tax avoidance is legal, tax evasion is not

CryptoGOV

19 Dec 2023 02:52

Doesn't matter, the exit tax treats everything as if sold the day you leave. You pay tax on all gains while a citizen

CryptoGOV

19 Dec 2023 02:44

But what if you didn't sell anything until you'd already lived in pr for the required time?

CryptoGOV

19 Dec 2023 02:41

You have to pay exit tax when leaving the USA. So any gains to date would be due taxes

CryptoGOV

19 Dec 2023 02:29

Well he's saying don't move to PR if there's no state income tax. That doesn't do anything for cap gains tax, and peurto rico is exempt. It could save hundreds of thousands, even millions of dollars.

CryptoGOV

19 Dec 2023 02:16

What's the problem with moving to peurto rico?

CryptoGOV

19 Dec 2023 02:13

My state doesn't have income tax, so no problem there. Looks like I'll be moving to peurto rico

CryptoGOV

19 Dec 2023 02:08

What are the limits? You have to earn under $45k and you can only make... how much in profits? If you only want to pay 10%

CryptoGOV

19 Dec 2023 02:07

So if my income level is very low, then it doesn't matter how high my gains were?

CryptoGOV

19 Dec 2023 02:06

I guess if you earn over a certain amount, it no longer matters how long you held it?

CryptoGOV

12 Dec 2023 00:33

typically you have to do the Koinly calcs and cleanup yourself, then share the resulting tax reports with your standard accountant to factor into the rest of your LLC and/or personal tax info. Very few will do the crypto accounting for you