Puerto Rico Asset Information Sheet
Description
How to fill out Asset Information Sheet?
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FAQ
Puerto Rico is NOT Considered a Foreign Country for FBAR A financial account is foreign when it is located outside of the United States, which includes the following places: United States, including the District of Columbia; United States territories and possessions, such as: Commonwealth Northern Mariana Islands.
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
Reporting specified foreign financial assets on other forms filed with the IRS. If you are required to file a Form 8938 and you have a specified foreign financial asset reported on Form 3520, Form 3520-A, Form 5471, Form 8621, Form 8865, or Form 8891, you do not need to report the asset on Form 8938.
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.
2 As a result, although Puerto Rico belongs to the United States and most of its residents are U.S. citizens, the income earned in Puerto Rico is considered foreign- source income and Puerto Rico corporations are considered foreign.
There are five types of accounts that are exempt from FBAR reporting requirements: U.S. government entity accounts. International financial institution accounts. U.S. military banking facility accounts.
A foreign account is a specified foreign financial asset even if its contents include, in whole or in part, investment assets issued by a U.S. person. You do not need to separately report the assets of a financial account on Form 8938, whether or not the assets are issued by a U.S. person or non-U.S. person.
The term "foreign country" does not include U.S. territories such as Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands, or American Samoa.
If you move you and your business to Puerto Rico, and break all ties with the United States, all business income will be Puerto Rico sourced income. This is because all of the work to generate sales made after the move will have occurred in Puerto Rico.
FBAR for Puerto Rico Residents Whether or not a taxpayer has to file a US tax return, they are still required to file it an FBAR if they are a US person. Therefore, US persons residing in Puerto Rico will still file an FBAR although accounts located in Puerto Rico are not generally considered foreign.