IRS Publication 570: Tax Guide For Individuals With Income From U.S. Possessions
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Definition of 'IRS Publication 570: Tax Guide For Individuals With Income From U.S. Possessions'A document published by the Internal Revenue Service (IRS) that provides information for tax filers with investments in U.S.-guided territories and possessions. IRS Publication 570 outlines the requirements for being considered a resident of a U.S. possession and the rules for determining the source of income. Bona fide residents of a possession may be required to fill out a U.S. tax return, a possession tax return or both.United States possessions include Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), Guam and the U.S. Virgin Islands. |
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Investopedia explains 'IRS Publication 570: Tax Guide For Individuals With Income From U.S. Possessions'Tax filers looking to receive tax benefits afforded to residents of a U.S. possession must prove that they are a bona fide resident of that possession during for the entire tax year. This can be accomplished by not having a home outside of the possession, by having more of a connection to the possession than to the United States or a foreign country, or by meeting the presence test. |
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