How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 985
Experience:  Certified Public Accountant
93680669
Type Your Tax Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

I have income from interest, cap gains, ss, pension. If I

Customer Question

I have income from interest, cap gains, ss , pension . If I move to P.R. To live> 6 mo. On What will I be taxed? I am usa citizen.
Submitted: 4 months ago.
Category: Tax
Expert:  Mark Taylor replied 4 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Customer: replied 4 months ago.
What is your answer , did you see my question?
Expert:  Mark Taylor replied 4 months ago.

My apology. As a US citizen you are taxed on your worldwide income. Puerto Rico is a US possession so nothing will change for you for federal tax purposes.

Expert:  Mark Taylor replied 4 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Expert:  Mark Taylor replied 4 months ago.

Please let me know if you have any other questions or need clarification. I am happy to help.

Expert:  Mark Taylor replied 4 months ago.

From a federal perspective nothing will change. From a state perspective you may need to file a part year state income to reflect the amount on income that you receive in each location.

Expert:  Mark Taylor replied 4 months ago.

I am looking into this further. Please give me a few moments.

Expert:  Mark Taylor replied 4 months ago.

I was wrong in my initial analysis. Puerto Rico although a US territory has a separate tax system. To qualify to be taxed in Puerto Rico you would have to have your tax home their. For instance, you would have to more their permanently, you would need to live there for more than 183 days in a year.

Expert:  Mark Taylor replied 4 months ago.

Puerto Rico has a much lower income tax rate. Your income would not be subject to federal taxes. To qualify you could not have been a Puerto Rican resident in the past 15 years.