Puerto Rico Depreciation Schedule
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How to fill out Depreciation Schedule?
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FAQ
Puerto Rico corporations are treated as foreign corporations for U.S. income tax purposes.
Some taxes and fees you can't deduct on Schedule A include federal income taxes, social security taxes, transfer taxes (or stamp taxes) on the sale of property, homeowner's association fees, estate and inheritance taxes, and service charges for water, sewer, or trash collection.
Standard deductionsThere is no standard deduction in Puerto Rico.
Schedule A is required in any year you choose to itemize your deductions. The schedule has seven categories of expenses: medical and dental expenses, taxes, interest, gifts to charity, casualty and theft losses, job expenses and certain miscellaneous expenses.
Domestic Corporations Are those created under the General Corporations Act of Puerto Rico. That is, these are corporations of Puerto Rico. Foreign Corporations Are those created under the laws of other countries and states of the United States.
If you itemize, you can deduct a part of your medical and dental expenses, and amounts you paid for certain taxes, interest, contributions, and other expenses. You can also deduct certain casualty and theft losses. If you and your spouse paid expenses jointly and are filing separate returns for 2021, see Pub.
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.
You'll use Schedule A to itemize. Your depreciation deduction is subject to the 2% of adjusted gross income (AGI) limit. So, use depreciation when deciding whether to itemize or claim the standard deduction.
Use Form 4562 to: Claim your deduction for depreciation and amortization.
Alternative minimum tax (AMT)Such minimum tax is subject to an 18.5% flat rate, or 23% in the case of taxpayers required to submit financial statements. A corporation is not allowed to claim the same deductions it claimed for regular income tax purposes.
