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I am a resident of Puerto Rico and have inherited from my first

Resolved Question:

I am a resident of Puerto Rico and have inherited from my first husbands death $390,000.00. I want to buy T-Bills from my Florida bank. Do I have to declare anything as in PR $400,000.00 exempt from inheritance tax? We do not pay Federal income tax.
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.

Robin D :

Hello and thank you for using Just Answer,
The estate of a person who is a “resident” of PR at the time of death and who was born in PR or




acquired US citizenship solely by residence in PR, is not subject to US or PR estate taxes, except for that


portion of the estate that is located in the US or outside PR.

You are not required to declare anything to the US on the inheritance as long as your husband was a resident of PR also.




Interest income from Treasury bills, notes, and bonds is subject to US federal income tax but is exempt from all state and local income taxes. Bona fide residents of Puerto Rico will generally pay tax to Puerto Rico on their worldwide income. You will need to report the interest earned on the T Bills to Puerto Rico, but as a Bona Fide Resident of PR you will not need to file a US return on th einterest.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7883
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 3 other Tax Specialists are ready to help you
Expert:  Robin D. replied 2 years ago.

You may not have been able to view my first post. Here is a copy of that answer:

Robin D :

Hello and thank you for using Just Answer,
The estate of a person who is a "resident" of PR at the time of death and who was born in PR or

 

 

 

acquired US citizenship solely by residence in PR, is not subject to US or PR estate taxes, except for that

 

portion of the estate that is located in the US or outside PR.

You are not required to declare anything to the US on the inheritance as long as your husband was a resident of PR also.

 

 

 

 

 

Interest income from Treasury bills, notes, and bonds is subject to US federal income tax but is exempt from all state and local income taxes. Bona fide residents of Puerto Rico will generally pay tax to Puerto Rico on their worldwide income. You will need to report the interest earned on the T Bills to Puerto Rico, but as a Bona Fide Resident of PR you will not need to file a US return on th e interest.

 


Expert:  Robin D. replied 2 years ago.

<strongCustomerLast Viewed on 8/3/2012 at 12:08 PM

I am so glad you were finally able to see the post.

Did you have another question on this before you rate ?

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Robin D.
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15years with H & R Block. Divisional leader, Instructor