Q: The lawyer in Puerto Rico has stated that the Island Gov't. will take 20% of the funds for taxes. I am on S.S.Disability
I pay no taxes in the states. Will that make any difference on the 20% Tax?
A: At this time, Puerto Rico does not have an inheritance tax. Nevertheless, if an heir residing in the states sells his/her share in a real estate property located in Puerto Rico, the proceeds of the sale are subject to a 15%-20% retention pursuant to the Puerto Rico Tax Code, so as to force the non-resident to file taxes in Puerto Rico in order to recover all or part of the retention. Social Security does not come into consideration because the proceeds of the sale have a different source.
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