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Federal law requires a person to report cash transactions of more than $10,000 to the IRS.
Since you cannot prepare and file or e-File a Puerto Rico Tax Return on eFile.com or anywhere online, you can contact the Puerto Rico Department of the Treasury for information on how to do this.
Federal law requires a person to report cash transactions of more than $10,000 by filing IRS Form 8300PDF, Report of Cash Payments Over $10,000 Received in a Trade or Business.
If you are a bona fide resident of Puerto Rico during the entire tax year, you'll file the following returns:A Puerto Rico tax return (Form 482) reporting your worldwide income.A U.S. tax return (Form 1040) reporting your worldwide income. However, this 1040 will exclude your Puerto Rico income.
TurboTax does not support Puerto Tax returns.
Yes, since you are a Puerto Rico resident, you must file the Puerto Rico income tax return reporting all your earnings, and you may claim a credit in such return for any income taxes paid to the United States.
Federal law states that all cash payments in excess of 200b$10,000200b must be reported to the IRS. This applies to the businesses accepting the cash and to the financial institutions receiving it for deposit. These laws exist to help the government prevent terrorist activities and other financial crimes.
Federal law requires a person to report cash transactions of more than $10,000 by filing IRS Form 8300 PDF, Report of Cash Payments Over $10,000 Received in a Trade or Business.
Residents of Puerto Rico who aren't required to file a U.S. income tax return must file Form 1040-SS or Form 1040-PR with the United States to report self-employment income and if necessary, pay self-employment tax.
Each person who is engaged in a trade or business that, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300.