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Thibodeaux
(@thibodeaux)
Active Member

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?

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Topic starter Posted : March 8, 2021 9:28 am
rewired
(@rewired)
Advanced Member

@thibodeaux

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

 

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Posted : March 11, 2021 8:57 am
Thibodeaux
(@thibodeaux)
Active Member

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.

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Topic starter Posted : March 11, 2021 4:41 pm
Gator's Mom
(@gators_mom)
Trusted Member

Publication 570 - Special Rules for USVI Bona Fide Residents starts on page 18.

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Posted : March 14, 2021 9:02 am
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