Ask Experts Questions for FREE Help !
Ask
    scooter123's Avatar
    scooter123 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 8, 2009, 10:50 AM
    Offshore earnings and taxes.
    Hello,I have a tax question. I'm an American, and I have an investment offshore. All of the earnings are held offshore too. Do I have to claim all of the interest earned on the investment, or just what I withdraw to my bank in the USA?

    Thanks-Scott :)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 8, 2009, 02:46 PM
    Scott:

    Under U.S. income tax law, ALL world-wide income (interest, dividends, capital gains, etc.) are subject to U.S. income taxes, so, yes, you must claim it all on your Form 1040.
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #3

    Dec 8, 2009, 06:43 PM

    I agree. Further, you likely need to file Form TD F 90-22.1 to report the investment. Some or all of your foreign investment may be a passive foreign investment company. See Form 8621.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Dec 9, 2009, 10:28 AM
    Good catch on the Form TD F 90-22.1, something I keep forgetting. )-:
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Quarterly taxes on 1099 earnings [ 1 Answers ]

My wife is a federal government retiree and has gone back as a contract employee with 1099 earnings - I am trying to find the proper form to file all the appropriate quarterly taxes and can't find the form. Please advise. Thanks!

Taxes on game show earnings [ 3 Answers ]

How does it work when you win cars money etc. on game shows

Earnings for filing income taxes [ 1 Answers ]

How much money does one have to earn per year before they have to file income taxes

Taxes on 1099 earnings [ 13 Answers ]

Hello AtlantaTaxExpert Thanks in advance for your time. I came to the US in Jul 2001 on an F-1 Visa. My OPT started in OCT 2005 and ends in OCT 2006. I started working for my current employer on 3rd Jan 2006. He knows my status is OPT and said that he wouldn't generate a W-2 for me and at...

View more questions Search