What is tax Form 480.6A - Gross Proceeds?
Form 480.6A is used to report various types of income, including rents, interest, dividends, and/or gross capital gains or losses realized in your investment account, among others. If you have an amount under “Rédito Bruto” or “Gross Proceeds” on line 13 of the form, you must complete Schedule D to report your capital gain or loss. In the context of Puerto Rico’s Form 480.6A, “Gross Proceeds” (Rédito Bruto) generally refers to the total selling price of an asset or investment before subtracting any costs or expenses; it’s the full amount you receive from the sale of stocks, bonds, mutual funds, or other assets, not taking into account any commissions, fees, or the original cost basis of those assets.
You should download the informational statement directly from the “Tax Center” of your brokerage account (Robinhood, Morgan Stanley, etc.), because the SURI 480.6A file only contains the first page. The summary of gains and losses is usually at the end of the document.
- Navigate to "Forms" under the Withholding Statements section on the left menu.
- Select Form 480.6A and Add 480.6A for each informative you received. Note: Fill the 480.6A exactly like the form you received (only first page).
- Navigate to Schedule D on the left side of the menu.
- Part I: Short-Term Capital Assets - Fill the line for each 480.6a form you received.
- Example:
- [Description: ROBINHOOD ACCOUNT ##]
- [(A) Date Acquired: 01/01/2022]
- [(B) Date Sold: 12/31/2022]
- [(C) Sale Price: 26,345] - Note: This value is given in your Summary of Realized Gains and Losses in Form 480.6A.
- [(D) Adjusted Basis: 27,000] - Note: Calculate by SALE minus NET GAIN/LOSS.
- [(E) Selling Expenses: 0] - Note: this is usually '0' unless it applies to you.
- [(F) Net Gain/Loss: -655] Note: Automatically calculated: Sale(C) minus Adjusted Basis(D). Should match your Net Gain or Loss on your 480.6A]
| Description | Date Acquired | Date Sold | Sale Price | Adjusted Basis | Selling Expenses | Gain or Loss |
| ROBINHOOD ACCOUNT #9999999 | 1/01/20XX | 12/31/20XX | $10,000 | $12,000 | 0 | $-2,000 |
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- Part II: Long-Term Capital Assets - Fill the line for each 480.6a form you received.
- Same as Part I.
- Make sure your Date Acquired and Date Sold are more than 1 year apart.
- Part II: Long-Term Capital Assets - Fill the line for each 480.6a form you received.
- Maximum Capital Loss Deduction of $1,000 per tax year
- Capital Losses are automatically deducted with a maximum deduction of $1,000 per year.
- Losses over $1,000 can be carried over to the next year. You can continue carryover losses for 7 years.
- You can deduct your previous year's losses by going to Schedule D > Page 2 > Part VI
Real example of informative 480.6A with net capital gain/loss from Robinhood
- Go to the Robinhood Tax Center and download the Puerto Rico form.
- Navigate to the indicated page (e.g., page 9) and locate your net capital gain or loss.
- In Taxmania, create the 480.6A form using the exact data from Robinhood’s document.
- Enter that net gain or loss in Schedule D (Anejo D) of your tax return.