[h4taxq]

I do not work in usa but have some bank accounts that earns interest from bonds and also hold some stocks. Do I have to pay taxes for the interest and / or capital gans? Thanks in advance.

[wnhough]

QUOTE," Do I have to pay taxes for the interest and / or capital gans?. "----It depends on a situation; for example, if you and your spouse, or either onef of you arrived in US in 2010,I mean the year 2010 is your first year to be in the US, also, if your spouse, as a H1B visa holder, can file jointly with you as resident aliens, (i.e. filing MFJ as resident aliens), then it makes all the income you and your spouse earned in 2010 (both in the U.S.source and World wide income , I mean your income, in your home country,world wide income) liable for U.S. income taxes, both Federal and State income taxes(if applicable). However, you and your spouse can get a double personal exemption of $7,300, $3,650*2, and a double standard deduction of $11,400 making the first $18,300 of your income tax-free.
But if you want, you can avoid your world wide income in your home country by filing dual status tax return and lettingyour spouse claim you as his dependent.In this case, you guys'll lose the $11,400 of standard deduction. In either case, your spouse needs to wait until his staying in US exceeds 183 days ( if he entered the US before July 3rd 2010) or until he passes the first year choice rule( if he entered the US after July 3rd 2010) to meet, at least, the Substantial Presence Test.


However, in 2011, you guys( by passing the SPT in 2010), as resident aliens under the US Tax Code, not under the US INS Rules, are liable for taxes on income earned in the U.S. and abroad earned in 2011.

[MukatA]

For U.S. citizens and residents, bank interest and capital gains from stocks is taxable while for nonresidents this is not taxable.