Tax Alert
Upcoming Due Date: Puerto Rico and United States Gift Tax Returns
As the new tax season is starting, we would like to remind you that if you made gifts during 2024, you may be required to report them on a gift tax return. For Puerto Rico purposes, generally, any person who makes a reportable gift over ten thousand dollars ($10,000) per donee must file an Informative Gift Tax Return on or before January 31 of the year following the gift. A three-month automatic extension is available, and if the donor is outside of Puerto Rico, an extension may be granted for up to six months.