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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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NormanR
Level 2
08-20-2023
12:43 PM
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We have a new client with an Airbnb in Puerto Rico. I am not clear on the filing requirements.in PR.
currently the property is held in an Irr Trust, may transfer to an LLC. trustees are all U S residents.
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George4Tacks
Level 15
08-21-2023
08:54 AM
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I will just do this bit. You must be licensed to do PR returns, so that is outside your practice. Have the client contact AirBnB to see if they can refer. Does the activity make a net positive income? A bit of googling would make me think you can probably NOT file PR
https://taxsummaries.pwc.com/puerto-rico/individual/taxes-on-personal-income
.but I would put a burden on the taxpayer to seek other confirmation.
Here's wishing you many Happy Returns
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