P.R. Laws tit. 13, § 10694
(a) Increase in the limitation of capital loss allowed against regular income.— In the case of a taxpayer other than a corporation or partnership, the limitation mentioned in Section 1121(d)(2) of the Code with respect to capital losses that may be used by the taxpayer against his/her regular income for a determined tax year shall be five thousand dollars ($5,000) insofar as the capital loss generated from the sale of a qualified property effected after the date of effectiveness of this act, but on or before October 31, 2011.
(b) Capital loss carry-over.— In the event that the taxpayer has a net capital loss generated from the sale of a qualified property effected after September 1, 2010, but on or before October 31, 2011, the carry-over of such loss shall not be limited to the succeeding five (5) years, but rather it may be carried over up to a maximum of fifteen (15) years, pursuant to subsection (a) of this section.
(c) To be entitled to the benefits set forth in this section, the taxpayer shall declare the sale in the income tax return corresponding to the year in which the loss was generated.
History —Sept. 2, 2010, No. 132, § 1.4; July 5, 2011, No. 115, § 4.