Printable Form 8689 Santa Clarita California 2024-2025

Printable Form 8689 Santa Clarita California: What You Should Know

Form 8689: Allocation of Individual Income Tax to the U.S. Form 8689, Allocation of Individual Income Tax to the U.S. Virgin Islands, includes income from all sources. Here are the current income tax rates that apply to the different types of income earned in the U.S. Virgin Islands: Qualified dividends from a qualified business are taxed at the long-term capital gains rate. A qualified dividend received by a U.S. citizen or resident alien residing in the U.S. Virgin Islands at any time during the taxable year is taxable at the normal long-term capital gains tax (if it is not exempt). U.S. citizen or resident aliens living in the U.S. Virgin Islands who make qualified dividends received by them from a U.S. real estate investment trust are taxed at the regular short-term capital gains tax rate. The following are examples of U.S. citizen/resident aliens in the U.S. Virgin Islands who are subject to capital gains tax: • Taxpayers who hold stock in U.S. corporations, except for S corporations; • Individuals who own stock in a foreign personal holding company; • Individuals who are nonresident aliens; • Individuals who have been taxed in another country and receive U.S. dividends; and • Individuals who have capital losses that are not subject to U.S. taxation, and whose only taxable basis is their U.S. source stock. Form 8689, Allocation of Individual Income Tax to the U.S. Income, and gain, that accrues in the U.S., and is not subject to the regular tax on the person's U.S. sources of income, including dividends and royalties. This includes any amount which is received by U.S. citizens/residents abroad and subsequently realized within the U.S. If you are subject to long-term capital gains tax, and your U.S. source of income is other than that which you used to calculate your U.S. source taxable income, such as dividends received, net rental income is subject to the short-term capital gains tax. If more than 50% of your income is from a U.S. source, in the U.S. Virgin Islands you will be taxed as if your U.S. sources of income were not U.S. sources of income.

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