Staten Island, NY asked in Estate Planning, Real Estate Law and Tax Law for New York

Q: What is the purpose of the 15% retention (Hacienda) & what happens with it? Would I get that back?

You and your siblings must appear for the signing of the sales deed, either in person or by virtue of a power of attorney, to subscribe the sale. For each of you who resides outside Puerto Rico, our Tax Code requires that a 15% retention be made at the point of origin (which would be upon the signing of the sales deed), and this amount must be consigned in Hacienda.

1 Lawyer Answer
Steven Warren Smollens
Steven Warren Smollens
  • New York, NY
  • Licensed in New York

A: That is a requirement of the tax law in that location.

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