Tax Credits Available in the U.S. Virgin Islands

By
Real Estate Broker/Owner with Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com 1-16940-1B

 

It is almost that time of the year and many of us are looking for tax credits in the  U.S. Virgin Islands.  While I am not an accountant and would not begin to give tax advice, I did come accross this list of credits relative to property taxes in the U.S. Virgin Islands.

 

The follow property tax credits are available in the U.S. Virign Islands and have specific requirements:

 

Homestead Tax credit - $400

You must have occupied your primary residence from January 1 and be able to provide:

A USVI driver's License

A USVI voter's registration ID

And a current utility bill in your  name

 

Veterans Tax Credit - $650

You must have occupied your primary residence from January 1 and be able to provide:

Proof of an honorable discharge from the U.S. Armed Forces

A copy of your DD-214

A copy of a photo ID

    USVI Driver's License or

    USVI Voter's Registration ID and

    Current utility bill in your name

Disabled Tax Credit - $500

You must have occupied your primary residence from January 1 and:

Individual annual gross income should  be no more than $30,000, inculding Social Security

Household annual gross income should be no more than $50,000, inculding Social Security

A current utility bill in your name

You  must provide a stamped copy of your prior three years tax returns

Proof of disability (Social Security Certificate)

This must be re-applied for annually  

Senior Tax Credit - $500

You must have  occupied your primary residence from January 1

You must be 60  or older

You must provide a stamped copy of your prior three years tax returns

A current utility bill in your name

Individual annual gross income should not be more than $30,000, including Social Security

Household annual gross income should not be more than $50,000, including Social Security 

You must provide USVI Senior Citzens ID Card or other USVI ID with a DoB

Class 1 Inheitance Tax Credit

Property must be inherited

You must provide a copy of the adjudication

Land must be essentially unimporved for  5 acres or less

Improvements  be under $5,000

You are able to receive an 80% credit 

Residency is not required

Living  Trust

There are three more categories for my next blog

 

 

 

 

 

 

 

 

 

 

 

 

 

Comments (7)

Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Tanya

Thanks for sharing the tax credits available in the US Virgin Islands.

Good luck and success.

Lou Ludwig

Jan 12, 2015 10:41 AM
Suzanne De Vita
RISMedia
Online Associate Editor

This is great information for those interested in owning in the U.S. Virgin Islands. Well done, Tanya!

Jan 12, 2015 11:33 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing this list.

Have an outstanding week!

 

Jan 18, 2015 07:08 AM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

You're welcome Roy! Have an outstanding week as well, good luck!

Jan 19, 2015 01:55 AM
Dana Hollish Hill
Hollish Hill Group, JPAR Stellar Living - Bethesda, MD
REALTOR * Broker * Coach

Great list. We should all probably post a list of the state and local tax credits. Great idea, thanks.

Jan 26, 2015 02:40 AM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Thank you Dana! True we know people relocating to different parts of the country so this information for various states can be useful.

Jan 26, 2015 02:42 AM
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Jul 09, 2015 08:55 AM
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