 OT:No Fed Income Tax (by S i d [MO]) Aug 3, 2022 11:05 AM
 OT:No Fed Income Tax (by WMH [NC]) Aug 3, 2022 11:23 AM
OT:No Fed Income Tax (by MikeA [TX]) Aug 3, 2022 12:12 PM
OT:No Fed Income Tax (by WMH [NC]) Aug 3, 2022 12:41 PM
OT:No Fed Income Tax (by John... [MI]) Aug 3, 2022 12:57 PM
OT:No Fed Income Tax (by S i d [MO]) Aug 3, 2022 2:41 PM
OT:No Fed Income Tax (by John... [MI]) Aug 3, 2022 4:34 PM
OT:No Fed Income Tax (by Wilma [PA]) Aug 4, 2022 4:20 PM
OT:No Fed Income Tax (by S i d [MO]) Posted on: Aug 3, 2022 11:05 AM
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Worth a gander. I've always enjoyed John Stossel.
youtu.be/8F4pdfeFdYA
--184.4.xx.xx |
OT:No Fed Income Tax (by WMH [NC]) Posted on: Aug 3, 2022 11:23 AM
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I like him too. I've been meaning to watch this, thanks for the reminder. --50.82.xxx.xxx |
OT:No Fed Income Tax (by MikeA [TX]) Posted on: Aug 3, 2022 12:12 PM
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So, that video brings up an interesting question. We know Puerto Rican's are US citizens yet they pay no capital gains tax. So, If I move to Puerto Rico and then sell my US based properties will I avoid the capital gains tax? --209.205.xxx.xx |
OT:No Fed Income Tax (by WMH [NC]) Posted on: Aug 3, 2022 12:41 PM
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John Hyre moved there for tax purposes. --50.82.xxx.xxx |
OT:No Fed Income Tax (by John... [MI]) Posted on: Aug 3, 2022 12:57 PM
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MikeA: You still owe normal capital gains that occurred before you moved there. For properties, you have to determine approximate value during that time.
As an example, if you lived in Texas and bought $40,000 worth of Microsoft stock and then later moved to PR... Let's say that MS stock had increased to $50k at the time you became a PR resident -- and then you lived there for a while and sold all of your MS for $65k...
You'd owe capital gains on the $10k increase from before you were a PR resident. (And then not on the additional $15k after you moved there.)
--67.209.xxx.xx |
OT:No Fed Income Tax (by S i d [MO]) Posted on: Aug 3, 2022 2:41 PM
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As a witty person once observed, "The only two sure things in life are death and taxes." I'll only add to that, for Christians, death isn't as certain as taxes. (*wink)
I'm not planning to uproot and move to PR. For all the advantages, I think there are significant disadvantages that are not outweighed by the savings on Federal Tax. There are other legal strategies to defer and/or possibly escape taxes, such as 1031 tax free exchanges, leaving property to heirs on a stepped up basis, etc. The juice isn't worth the squeeze, imho. But for someone who was going to create a ton of wealth in a short period of time (less than 10 years), it seems like a wonderful strategy!
--184.4.xx.xx |
OT:No Fed Income Tax (by John... [MI]) Posted on: Aug 3, 2022 4:34 PM
Message:
Yeah, there are some "getting wealthy fast" "influencer/gamer/YouTuber types that have been doing the PR thing. Their money is coming in -- right now -- and likely won't last forever. For those people, a quick move to PR likely makes a lot of sense from a tax standpoint.
But, otherwise, yes, I agree with you Sid. Not necessarily worth it for most of us. :)
--67.209.xxx.xx |
OT:No Fed Income Tax (by Wilma [PA]) Posted on: Aug 4, 2022 4:20 PM
Message:
Lyrics from West Side Story - "Puerto Rico, my heart's devotion, may it slip back in the ocean. Always the hurricanes blowing, always the population growing. And the money owing. And the sunlight streaming. And the natives steaming. - Steven Sondheim
The hurricanes and the heat alone are enough to keep me away! --108.36.xx.xxx |
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