Pursuant to the Puerto Rico Internal Revenue Code, a debt discharge resulting from the modification of a mortgage loan guaranteed by a mortgage on a secondary residence will not be considered taxable income as long as the original loan amount did not exceed $1,000,000. However, for a residence to qualify as a secondary residence, you must comply with certain use conditions and, in addition, having selected it as your secondary residence for tax purposes.
For this reason, in order to determine whether or not the discharged amount reported in Form 480.6A by the Bank may be excluded as taxable income based on the qualified residence exemption, you should consult this matter with your tax consultant or directly with the Puerto Rico Department of Treasury.
We are receiving an extraordinary volume of calls, which is affecting our waiting times. We appreciate your understanding and your trust in us.
Call us at 787.724.3659787.724.3659 or Access Mi Banco Online (desktop version), log in by entering your username and password, and in the upper part of the website click on “Contact Us”. From there, write your message, and we will gladly assist you.
We encourage you to consult the following information regarding useful and accessible solutions for you.
FDIC Member. Products and services offered by Banco Popular de Puerto Rico.
1Withdrawals are subject to the availability of funds in your account.
2Deposits are subject to the provisions of the Bank’s Funds Availability Policy. Easy Deposit Mobile is a free service and only for Banco Popular customers with individual deposit accounts and/or commercial accounts (FlexiCuenta de Negocios® & B-Smart®). Customers selected in accordance with the Bank’s eligibility criteria. Checks deposited before 6:00 p.m. of a business day will be processed the same business day, subject to verification and deposit validation. In the back of the check to be deposited, enter your signature, account number and the phrase “For Deposit Only at BPPR.”
