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Mother passed away June 2024. Father passed 10 years earlier. 4 children set to inherit and are having home appraised.
answered on Sep 20, 2024
For a person that died prior to January 1, 2018, the value of the deceased's participation in any real estate property reported in the estate tax return filed for that person is valued at fair market value, typically submitted along with an appraisal of the real estate's value at the time... View More 
excuted donation when the land and property are not registered? Was the donation process illegal and can the lawyer be held accountable for malpractice if it impacted tax liabilities to all other heirs of an unregistered, unsegregated land belonging to multiple parties?
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answered on Jul 2, 2024
This is a complex question involving several aspects of Puerto Rican property law, tax law, and legal ethics. I'll break down the key issues and provide some general insights, but please note that this is a situation where consulting a qualified local attorney would be crucial for specific... View More
My Grandmother signed some documents while sick in a Hospital in PR and has since passed. Her Family never received a copy of the document signed and her heirs have not received their share of inheritence from the sale of a large multi-acre sale in Puerto Rico. My mother is now up in age and... View More
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answered on Jun 25, 2024
Based on the information provided, there are a few potential avenues you could explore to research unclaimed funds from the sale of a family estate in Puerto Rico:
1. Departamento de Hacienda (Department of Treasury):
This is indeed a good place to start. The Departamento de... View More
I paid the principle of over $40k. The dues are even more. I never received a tax bill until Jan 2024.
answered on May 7, 2024
Unfortunately, any property taxes owed must be paid by the heirs of the deceased owner. Whether you receive a bill from CRIM or not depends on whether you notified change of ownership. Assuming there are more than one heir, these taxes are proportionally imputable between the heirs. Legal liens,... View More
I paid the principle of over $40k. The dues are even more. I never received a tax bill until Jan 2024.
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answered on May 8, 2024
I understand this is a difficult and frustrating situation. Here are some steps you can take to try to dispute the fines and fees on the unpaid property taxes:
1. Gather documentation: Collect all relevant paperwork, including the will/trust showing you inherited the property, death... View More
I filed taxes from prior year and got a notice saying I have to file in PR and pay taxes as well.
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answered on Apr 23, 2024
As a resident of Puerto Rico who is working remotely for a company based in Florida, you generally have to pay taxes to both the IRS and the Puerto Rico tax authorities. Here's what you should know:
1. Federal Income Tax: Puerto Rico residents are required to file a U.S. federal income... View More
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answered on Apr 18, 2024
Probate laws in New York (NY) and Puerto Rico (PR) are separate and distinct, as they are two different jurisdictions. However, if your late husband owned properties in both NY and PR, the probate process will need to be initiated in each jurisdiction simultaneously. Here's what you should... View More
the property and demanding that I pay for her lawyers' fees. This is not a divorce case. We own a condominium apartment and this is our first home together. We have owned the property for a year now. I paid more than half of the apartment cost, yet we still own it 50/50. I left said property... View More
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answered on Mar 26, 2024
When you decide to donate your half of the property in Puerto Rico to your ex, there could be tax implications depending on the value of the property and the laws in place. In Puerto Rico, the donation of real estate is subject to the payment of a donation tax unless specific exemptions apply. This... View More
My dad passed away in 2015 he has a house in PR that me and my mother have been keeping up with and we would like to sell it but we first have to switch it over to our name can we do that while taxes are still unpaid?
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answered on Mar 13, 2024
Transferring ownership of a property with unpaid taxes can be complicated and may vary depending on the specific laws and regulations of Puerto Rico. However, in general, under federal law, it is possible to transfer ownership of a property even if there are outstanding property taxes owed. That... View More
they had no will.
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answered on Mar 4, 2024
When a property is inherited due to the passing of relatives and you are considering selling your share to a stepbrother, understanding the tax implications is important. If they passed away without a will, typically, the property's ownership would be determined by the state's intestacy... View More
My sister & I are declared heirs & paying taxes to CRIM since our mom’s passing in 2016, but 1 of the properties (land only) is not registered in our name at Prop. of Registry. It’s registered to our grandfather for more than 100 yrs. It was an unresolved matter for mom to register it... View More
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answered on Mar 2, 2024
In Puerto Rico, dealing with inheritance and property taxes involves navigating a complex legal landscape, especially when property titles and registrations involve unresolved issues from past generations. If you and your sister are considering not passing a specific piece of land to your children... View More
Ex. - Juan's mother dies in 2020. Juan inherits this property at this time. He is going to sell it in 2023 for 200K. Is 200K the taxable amount, or is the taxable amount a percentage of the appreciating value between 2020-2023? (Step up basis)
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answered on Dec 25, 2023
When Juan inherited the property in Puerto Rico in 2020, the basis of the property for tax purposes would typically be the fair market value at the time of inheritance. This is known as a "step-up" in basis. When he sells the property in 2023 for $200K, the taxable amount would generally... View More
How do you renounce inheritance in Puerto Rico and find out property tax status (have the taxes been paid)? Also, if we renounce inheritance, can we shift the property to a relative who lives there? We live in the United States.
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answered on Nov 19, 2023
To renounce an inheritance in Puerto Rico, you must formally declare your intention to do so within a specific timeframe, usually within nine months of the decedent's death. This declaration is made before a notary in Puerto Rico. It's a definitive decision, meaning once you renounce, you... View More
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answered on Oct 7, 2024
When purchasing a used car, such as the 2018 Porsche Panamera 4 Hybrid plug-in in Puerto Rico, you will need to pay certain taxes and fees. Puerto Rico imposes a sales and use tax (IVU), which applies to both new and used vehicles. In addition, there is a "patente" or excise tax, which is... View More
answered on Sep 19, 2024
If you want find out if you have any tax liens, it is best to contact a tax professional and obtain IRS account transcripts.
My father (89) was always diligent paying property taxes in PR. He sold his property in the early 2000’s and at the time of sale there were no outstanding property tax debts. The sale went through all official channels (bank, realtors, lawyers, etc).
The person that bought the house more... View More
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answered on Aug 10, 2024
When selling property in Puerto Rico, any outstanding property taxes should be settled before the sale can proceed. Typically, the sale would not have gone through if there were unpaid taxes at that time. Since your father sold the property through official channels, it is likely that all taxes... View More
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answered on Jul 18, 2024
To determine your tax residency status for 2024, you need to consider the substantial presence test used by the IRS. Since you arrived in the U.S. on March 15, 2024, and have spent 176 days in the country so far, your stay in Puerto Rico will also count towards your total days in the U.S. for tax... View More
The house is located in Puerto Rico.
answered on Oct 24, 2023
Any real estate property located in Puerto Rico that does not constitute your primary residence is subject to property taxes. If the property currently belongs to your father and is his primary residence, he may have requested a tax exemption from the Municipal Income Collections Center... View More
She still lives in Puerto Rico, and I would like to build her a home on a different property that my brother owns and would like to use some of the monies for the build would I still pay a capital gains tax?
answered on Jul 15, 2023
Unless either real estate property is your primary residence, you'll be paying property taxes. Furthermore, if you reside outside Puerto Rico, the sale of either or both real estate properties will be subject to a 15% retention of the sales proceeds, which will be deposited with the Puerto... View More
I am in the process of filing for a change of ownership for a property that was left to me by my father prior to his passing. the Escrituras for myself and 2 other siblings were completed years ago, the land was segregated into three parts, in each of our names. Recently, one of my siblings filed a... View More
answered on Jul 6, 2023
Your first step would be to procure a registry certification from the Puerto Rico Property Registry. If the segregation was filed with the Registry, the original lot (finca) will identify the three lots. You do not state whether your late father left his will or whether he died intestate. If a will... View More
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