/biz/ - Business & Finance

>>8798096
https://www.irs.gov/pub/irs-pdf/p570.pdf

Because if you were a not a bonafide Puerto Rican resident and a US Citizen for any of the 10 years preceding the sale of your investment, it's not treated as income within the territory. Did your Cousin go to Puerto Rico to sell crypto?

>>8787639
That's a meme. If you were a citizen / resident of the US for any of the 10 years before you cash out, you still have to pay US capital gains.

>>7635034
They're going to be so fucked when they find out they have to be a bona-fide Puerto Rican resident for 10 consecutive years before they can sell their investment under Puerto Rican tax rules.

>>7571019
inb4 someone posts the Puerto Rico meme

You have to be a bona-fide resident of PR for 10 consecutive years to sell your investment under PR's tax rules, otherwise it gets taxed the same as if you sold in the US.

>>7287950
They should have read the small print. If it's an investment you acquired while in the United States and you were a non bonafide Peurto Rican resident US citizen for any of the 10 years preceding the sale of the asset, none of the proceeds are considered to be realized in Peurto Rico. It'll be taxed as if you sold in the US. They're going to be so fucked when they realize this. They're going to have to stay there for 10 more consecutive years and hold the entire time in order to cash out tax free.

IRS Publication 570 is my source for this btw.

>>7258590
>>7258628
Unfortunately that story is already bust for me because I had to get verified on exchanges in order to withdraw anything more than a tiny amount of BTC a day.

Also the Peurto Rico thing is a meme. If you were a non-bona-fide Puerto Rican resident, US Citizen for ANY of the 10 years preceding the year of the gain, the gain is NOT considered to be originating from Puerto Rico and will be taxed as if you sold it in the United States. A lot of people moving to the Puerto Rico who didn't read the small print thinking they can just stay there for 6 months and immediately cash out tax free will get FUCKED. No, you'll have to stay there for 10 more consecutive years and hold the entire time. It's basically a big tarp.

https://www.irs.gov/pub/irs-pdf/p570.pdf

>>7225246
LMAO. Wow they're going to be disappointed when they find out that their gains are going to be taxed as if they were in the US because they were a US citizen for any of the 10 years before moving to Puerto Rico.

>>7160067
>>7160247
WAIT WAIT WAIT. DON'T MOVE TO PUERTO RICO. I REPEAT DON'T MOVE TO PUERTO RICO. YOU'RE STILL FUCKED.

If you were a citizen of the United States for TEN YEARS preceding the tax year that your gain was realized, it's not treated as income originating within the territory. HOLY SHIT YOUR TAX PLAN IS RUINED.