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Form 480 60 EC 20 20 - Pr

Form 480 60 EC 20 20 - Pr 2025

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The document is Form 480.60 EC, an Informative Return for Pass-Through Entities issued by the Government of Puerto Rico's Department of the Treasury. It outlines the requirements for partnerships, special partnerships, and corporations of individuals to report each partner's or stockholder's distributable share of income, losses, and credits for tax purposes. The form includes sections for partner information, capital account analysis, tax withheld, and various credits applicable under Puerto Rican tax law. It emphasizes electronic filing and provides detailed instructions on how to complete the form.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the 'Electronic Filing Confirmation Number' at the top of the form. This is essential for tracking your submission.
In Part I, provide detailed information about the partner, stockholder, or member. Select their type (individual, trust, etc.) and indicate their residence status.
Complete Part II by analyzing the capital account. Enter any capital contributions made during the year and other increases to basis.
In Part III, report the distributable share per category. Ensure you accurately enter amounts for gains or losses from various activities as specified.
For nonresident aliens in Part IV, indicate any tax withheld and ensure all amounts are correctly reported.
Finally, review all sections for accuracy before saving and exporting your completed form using our platform's export feature.

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Versions	Form popularity	Fillable & printable
2022	4.6 Satisfied (37 Votes)
2021	4.2 Satisfied (35 Votes)
2017	4 Satisfied (50 Votes)

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What is form 480 in Puerto Rico?

The 480 Series refers to a set of tax forms used in Puerto Rico to report various types of payments and income, similar to the 1099 Series in the United States. These forms are used by businesses, employers, and individuals to report payments such as compensation, dividends, rent, and services rendered.

Can I move to Puerto Rico to avoid capital gains tax?

The tax benefits of Act 60 only apply to Puerto Rico-sourced income. Thus, 0% tax on capital gains will only apply to the capital gains incurred after you move to Puerto Rico. Any capital gains incurred before you move there will still be subject to U.S. tax treatment.

What is Act 20 in Puerto Rico?

Act 20 Puerto Rico is designed to promote businesses catering to clients outside Puerto Rico. Therefore, the business mustnt have a nexus within Puerto Rico. The Puerto Rican company should refrain from targeting or serving the local market.

What is form 482 in Puerto Rico?

A Puerto Rico tax return reporting (Form 482) only your income from Puerto Rico. Wages for services performed in Puerto Rico, whether for a private employer, the U.S. Government, or otherwise, is income from Puerto Rico. A U.S. tax return (Form 1040) reporting all worldwide income.

Who qualifies for Puerto Rico tax exemption?

If youre a bona fide resident of Puerto Rico, you generally arent required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.

What is a 480.7 C?

Puerto Rico Form 480.7C, Declaracion Informativa - Planes de Retiro y Anualidades (Informative Return - Retirement Plans and Annuities) is a tax document that is the equivalent of Form 1099-R. Since its designed to be entered in the Puerto Rico tax return, there is no entry point for it in TaxSlayer Pro.

Form 480 60 EC 20 20 - Pr 2025

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What is form 480 in Puerto Rico?

Can I move to Puerto Rico to avoid capital gains tax?

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Form 480 60 EC 20 20 - Pr 2025

Here's how it works

How to use or fill out Form 480 60 EC 20 20 - Pr with DocHub

See more Form 480 60 EC 20 20 - Pr versions

Complete this form in 5 minutes or less

Got questions?

What is form 480 in Puerto Rico?

Can I move to Puerto Rico to avoid capital gains tax?

What is Act 20 in Puerto Rico?

What is form 482 in Puerto Rico?

Who qualifies for Puerto Rico tax exemption?

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People also ask

What is a 480.7 C?

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