ARTICLE 15

U.S. Income Tax Treaty — iceland tax treaty documents: iceland.pdf · 2026-10-03 edition · updated 2026-10-04 · United States

Income from Real Property

(1) Income from real property, including royalties in respect of the operation of mines, quarries, or other natural resources and gains derived from the sale, exchange, or other disposition of such property or of the right giving rise to such royalties, may be taxed by the Contracting State in which such real property, mines, quarries, or other natural resources are situated. For purposes of this Convention income and gains from ships and aircraft and interest on indebtedness secured by real property or secured by a right giving rise to royalties in respect of the operation of mines, quarries, or other natural resources shall not be regarded as income from real property.

(2) Paragraph (1) shall apply to income derived from the usufruct, direct use, letting, or use in any form of real property.

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▸Contents — U.S. Income Tax Treaty — iceland tax treaty documents: iceland.pdf

U.S. Income Tax Treaty — iceland tax treaty documents: iceland.pdf

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