Puerto Rico Act 22 and Bitcoin

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Kryptous

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I'm a full time bitcoiner and I'm really considering the move down. In case you didn't know, Act 22 allows US citizens to avoid paying any capital gains tax to the IRS or the Puerto Rican tax authorities. You just have to sign up with the Puerto Rican government and move down.

However, there's a particular loophole that some people claim exists that I'm unsure about. This person says that if you hodl bitcoin and sell it when you arrive in Puerto Rico, you owe zero to the IRS. Even you bought bitcoin for $500 years ago, hedl it for years and then sold the day you landed in PR, you pay the IRS and the PR government nothing. He says that it differs from stocks and whatnot in how it's taxed because it's "personal property."

Does anyone know if there's any truth to this? I've asked on the Act 22 subreddit, on Act 22 Facebook pages, and I keep getting different answers. Based on the way Act 22 is written, one would assume that you'd have to pay for appreciation that occurred while you were a resident of the US mainland, but multiple people have told me differently.

submitted by /u/ForsakenFroyo
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Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

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Ticker

1 BTC = $23897.22 USD  (via Coinbase)
1 ETH = $1778.75 USD  (via Coinbase)
1 LTC = $62.72 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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