Lynbrook, NY asked in Gov & Administrative Law and Real Estate Law for Puerto Rico

Q: What is the process of recovering escrow held by the government at the closing of a house in Puerto Rico?

1 Lawyer Answer
Rafael  Pagan-Colon
Rafael Pagan-Colon
  • San Juan, PR
  • Licensed in Puerto Rico

A: I need additional information before I can answer your question. When was the sale closed? What state do you reside in? If you live outside Puerto Rico, the local Revenue Code requires that a 15% retention be automatically made against sales proceeds for non Puerto Rico residents. This retention is then sent to the Puerto Rico Treasury Department. If that is your case, you need to file your income tax return on April 15 of the year after sales was closed, in order to request said funds (assuming that no taxes are owed).

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