Q: As of the new law that has passed 2022 tax withholding in PR when a prop is sold 4out5 siblings Out-of-state
We have a buyer put in an offer we’re in the process of contract one of the contingencies on the contract is that the BUYER would withhold the funds for the tax withholding.
my question is could the contingency be redirected and not have the buyer take that position? Could it be re-allocated Or reassigned? To an selective attorney?
A: The Puerto Rico Treasury Code requires that the 15% retention of amounts due to a Seller living outside Puerto Rico be retained at the point of origin by either the bank financing the sale or the notary authorizing the sales deed. Failure to execute this mandatory retention would cause the Treasury Department (Hacienda) to go against the authorizing notary. It's not a matter of choice.
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