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almog
Dec 25, 2007, 12:36 PM
I live in Israel and i have both American and Israeli citizenship. i recently opened a stock investment account in Israel. My questions are:
1. As a dual citizen, do I have to report my market income to both American and Israeli tax authorities?;
2. Do I have to pay tax on this income to both countries?
AtlantaTaxExpert
Dec 25, 2007, 07:09 PM
You DO have to report the Israli-based income on your U.S. tax return.

If you paid taxes to Israel, you can claim a Foreign Tax Credit using Form 1116 on your U.S. tax return.
MukatA
Dec 26, 2007, 04:57 AM
For the U.S. the rule is clear:
A U.S. citizen or resident must report the world wide income.
AtlantaTaxExpert
Dec 26, 2007, 09:14 AM
Agreed.