This form is a sample letter in Word format covering the subject matter of the title of the form.
Puerto Rico Sample Letter for Exemption - Relevant Information
Category:
State:
Multi-State
Control #:
US-0002LTR
Format:
Word;
Rich Text
Instant download
Description
How to fill out Sample Letter For Exemption - Relevant Information?
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FAQ
Travelers are required to complete the online Request for Room Tax Exemption through Puerto Rico's Tourism Bureau. Once the form is approved, the traveler will be provided a tax exemption letter that must be provided to the hotel.
Generally, under IRS §937 and the regulations thereunder, a bona fide resident of Puerto Rico is an individual who: Is physically present in Puerto Rico for at least 183 days during the taxable year; Does not have a tax home outside of Puerto Rico during the taxable year; and.
Individuals who are bona fide residents of Puerto Rico are eligible for a possession-source income exclusion, and therefore not subject to U.S. income tax on work or business income sourced from within the territory.
Every young person resident of Puerto Rico, who is a salaried employee and is between the ages of sixteen (16) and twenty-six (26) may benefit from the $40,000 Exemption from wages earned during the taxable year.
If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
U.S. citizens who become bona fide residents of Puerto Rico can maintain their U.S. citizenship, avoid U.S. federal income tax on capital gains, including U.S.-source capital gains, and avoid paying any income tax on interest and dividends from Puerto Rican sources.
