Posted on: 22nd Jul, 2009 05:50 pm
If I sell land in Puerto Rico how much taxes will I have to pay? Is there 2 taxes that have to be paid or just one for the intitial sell?
Hi,
As far as I know, if you sell a property in Puerto Rico, you're entitled to pay a capital gains tax of 12.5% of the profit you make from the sale. After selling the land, you'll need to submit income tax returns and disclose your properties, income, expenses in detail. You ought to check it with an accountant or a tax consultant as they can guide you best in this matter.
As far as I know, if you sell a property in Puerto Rico, you're entitled to pay a capital gains tax of 12.5% of the profit you make from the sale. After selling the land, you'll need to submit income tax returns and disclose your properties, income, expenses in detail. You ought to check it with an accountant or a tax consultant as they can guide you best in this matter.