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SC and Interest from muni bond from Puerto Rico

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    SC and Interest from muni bond from Puerto Rico

    I have searched around and found a document from 1990 that says there is no add back of muni bond interest from Puerto Rico and Pro Series when you type in the code PR does not add it back. I also found some sources that say it is added back. Can anyone shed some light on this.

    #2
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    Originally posted by Kram BergGold View Post
    I have searched around and found a document from 1990 that says there is no add back of muni bond interest from Puerto Rico and Pro Series when you type in the code PR does not add it back. I also found some sources that say it is added back. Can anyone shed some light on this.


    FE

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      #3
      Thanks

      I thought so but the SC instructions seem to indicate that PR bond interest is taxable and a SC CPA emailed me that it was taxable.

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        #4
        SC Revenue Ruling #16-2

        I just noted you mentioned muni bond interest from PR. Should not change anything, but here is a more detailed document for you to sink your teeth into. . .

        FWIW: With the financial status of PR, be sure you have all of the "tax facts" re the income amount / source / etc.



        FE

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