2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART II - Income Taxes (§§ 30041 — 30622) › Chapter 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter C - Information Returns (§§ 30291 — 30303) › § 30294 - Information to the Secretary as to receipt of mortgage interest paid by an individual

(a) Information with respect to mortgage interest received. — Any person who is engaged in a trade or business in Puerto Rico and that, in the operation of said trade or business, receives from any individual interest on any mortgage, shall be required to file an annual information return, as provided in subsection (b) of this section. The original of said return must be supplied to the individual whose name appears on said document, on or before January 31 following the calendar year for which the copy of the return must be filed with the Secretary.
(b) Information return on mortgage interests. — For purposes of this section, the information return shall be made and filed in the form that the Secretary prescribes and shall contain, without limitation, the following information:
(1) The name, address, and account number of the individual who is required to file the return and the individual from whom the interest described in subsection (a) was received;
(2) the amount of interest received from said individual during the calendar year, and
(3) any other information as the Secretary may prescribe by regulation.
(c) Application to governmental units. — For purposes of subsection (a) the following is provided:
(1) Person. — In addition to the provisions of § 30041(a)(1) of this title, the term “person” includes any governmental unit or any public agency, corporation, or instrumentality.
(2) Special rules. — In the case of a governmental unit or any public agency, corporation, or instrumentality:
(A) Subsection (a) shall be applied without regard to the requirement of being engaged in a trade or business as established in said subsection, and
(B) the information return required under subsection (a) shall be made by the official or employee duly designated to perform said function.
(d) Definition of mortgage. — For purposes of this section, except as provided in regulations prescribed by the Secretary, the term “mortgage” means any obligation secured by real property that is duly recorded in the Property Register.
(e) Return that could be required from two (2) or more persons. — Except as provided in regulations prescribed by the Secretary, in the case of interest received by any person on behalf of another person, only the person first receiving said interest shall be required to make the information return required under subsection (a).
(f) Rules applicable to cooperative housing. — For purposes of subsection (a), the amount of interest received by a cooperative housing from a tenant-stockholder partner shall be deemed to be interest received on a mortgage in the course of a trade or business of said cooperative, to the extent of the share of interest of the tenant-stockholder in said cooperative housing.
History —Jan. 31, 2011, No. 1, § 1063.04, retroactive to Jan. 1, 2011.