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Title: Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax? Post by: El Cabron on January 07, 2014, 06:20:15 PM Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax?
I keep hearing this. Any lawyers or tax accountants know anything about this? Thanks. Edit: Seems to be 0% on new investment and only 10% on any old investments? Title: Re: Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax? Post by: neilol on January 07, 2014, 06:40:44 PM Very interested to know the answer to this
Title: Re: Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax? Post by: Jcw188 on January 07, 2014, 08:19:56 PM People also do things like move to the Bahamas for one day at the end of the year to get divorced and re-married to improve their tax situation. Weird things people will do to make a buck. (or a million?)
Title: Re: Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax? Post by: drrussellshane on January 07, 2014, 08:26:08 PM People also do things like move to the Bahamas for one day at the end of the year to get divorced and re-married to improve their tax situation. Weird things people will do to make a buck. (or a million?) Crazy what people will do to keep what they have worked for and already belongs to them. Title: Re: Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax? Post by: runam0k on January 10, 2014, 11:41:01 AM Crazy what people will do to keep what they have worked for and already belongs to them. Whilst all the time expecting to benefit from and make free use of the roads and other infrastructure, law enforcement, national parks, etc. ;DTitle: Re: Americans can move to Puerto Rico for 1/2 year to avoid Cap Gains Tax? Post by: bassclef on January 16, 2014, 06:19:40 AM In the US, if you hold onto a capital gains asset for more than a year and make less than $72k (married) or $36K (single) the effective tax rate on that asset is 0%, as it's considered a long-term capital gain. If in a higher income bracket, the lowest you can get it down to is 15%. Short term cap. gains are taxed at significantly higher rates.
This is one reason I might consider filling my 1040 separately from my wife next year. The law-talkin' guys will correct me if I'm wrong, of course. |