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I am a bona fide resident of the USVI for tax year 2020. Is interest earned on money in a stateside bank account considered non-VI source income? Similarly, are capital gains from the sale of shares in a publicly traded mutual fund considered non-VI source income?
Topic starter
Posted : March 8, 2021 9:28 am
You need to contact a VI tax accountant or the BIR for a definitive answer...
I did come across this document on the BIR's web site that may provide some vague guidance regarding your questions.
https://bir.vi.gov/content/booklets/tax_Structure_2019-01-31.pdf
Posted : March 11, 2021 8:57 am
Thanks for the help! I have seen that document - it doesn't really define "non-VI source income". If anyone else is interested I did find that the IRS website has Publication 570, https://www.irs.gov/forms-pubs/about-publication-570 with Table 2-1 that makes it pretty clear from where interest income is to be considered to have been sourced. A subsequent section talks about gains from investments.
Topic starter
Posted : March 11, 2021 4:41 pm
Publication 570 - Special Rules for USVI Bona Fide Residents starts on page 18.
Posted : March 14, 2021 9:02 am
