What is the order of admission of states?
Dates of Succession to the Union
What were the first three states admitted to the union?
Three of them—Kentucky, Maine, and West Virginia—were formed within what were undisputedly the boundaries of already existing states, and the very first state admitted—Vermont—was within what the state of New York claimed as its boundaries.
Do Puerto Ricans pay taxes?
Other US Federal taxes While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
What is the federal income tax rate in Puerto Rico?
|Puerto Rico Taxes||Last||Lowest|
|Corporate Tax Rate||37.50||30.00|
|Personal Income Tax Rate||33.00||33.00|
Can I convert investment property to primary residence?
First, if you acquire property in a 1031 exchange and then convert it to your primary residence, you must own it at least five years before being eligible for the Section 121 exclusion. The couple rents the house for three years, and then moves into it and uses it as their primary residence for the next three years.
How long do you have to live in an investment property to avoid capital gains?
To get around the capital gains tax, you need to live in your primary residence at least two of the five years before you sell it. Note that this does not mean you have to own the property for a minimum of 5 years, however. Once you’ve lived in the property for at least 2 years, you’d reach capital gains tax exemption.
What happens if you move into your investment property?
A: When you move into your Investment property the interest on the loan will no longer be tax deductible. So, if you owned it for ten years and for the first six years it is deemed your home (no capital gains tax even though it was rented), then the last four years is subject to capital gains tax.
Do you have to buy another home to avoid capital gains?
In general, you’re going to be on the hook for the capital gains tax of your second home; however, some exclusions apply. If you purchase a second home, and you start using it as your primary residence, you’ll need to meet the residency rule still to qualify for the exemption.