Guam Vacation Rental
Publication 570 (2004), Tax Guide for Individuals With Income From U.S. Possessions
Part I. The Smiths enter their income from the Virgin Islands in Part I. The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. The Smiths' total Virgin Islands income of $6,700 is entered on line 16. ... Gerald and Lily Smith live and work in the United States. In 2004, they received $14,400 in income from the rental of a condominium they own in the Virgin Islands. The rental income was deposited in a bank in the Virgin Islands and they received $500 of interest on this income. They were not bona fide residents of the Virgin Islands during the entire tax year. ... [Read More]
|