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I received Form 480.6A, but I understand that the debt discharge reported should be exempt by reason of insolvency.

As a general rule, a debt discharge is considered taxable income for the debtor, however, certain exceptions apply, including debtor’s insolvency if the requirements established for in the Puerto Rico Internal Revenue Code are complied with, which compliance depends on your particular situation. For this reason, you should consult this matter with your tax consultant or directly with the Puerto Rico Department of Treasury in order to determine whether or not the discharged amount reported by the Bank in Form 480.6A may be excluded as taxable income based on the insolvency exception.

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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.”