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Posted by My interest on March 7, 2007, 4:49 am
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where to report foreign bank account interest? Should I
include it in taxable interest (schedule A) or foreign
income? They seem to be treated differently.
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Posted by L K Williams on March 8, 2007, 12:04 am
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> where to report foreign bank account interest? Should I
> include it in taxable interest (schedule A) or foreign
> income? They seem to be treated differently.
Interest on foreign bank accounts, etc. is treated no
differently than interest on US accounts. List the payors
on Schedule B, just like you do with your American banks.
Foreign earned income (wages, etc.) may be treated
differently but other foreign sources are not.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
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<< The foregoing was not intended or written to be used, >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Benjamin Yazersky CPA on March 8, 2007, 12:04 am
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> where to report foreign bank account interest? Should I
> include it in taxable interest (schedule A) or foreign
> income? They seem to be treated differently.
If you have interest income from any worldwide source, it
gets reported as interest income. If any foreign taxes were
withheld, you may also either deduct them as an itemized
deduction or claim it as a foreign tax credit on form 1116.
To determine which benefits you more, you should inquire of
your own CPA/tax advisor.
I don't know what you mean by reporting something as
"foreign income". Income is generally reported on the
appropriate form or schedule for the type or class of income
it is. The US or non US source of it generally doesn't
change the character of interest income as an example.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by ltsllc on March 8, 2007, 12:04 am
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> where to report foreign bank account interest? Should I
> include it in taxable interest (schedule A) or foreign
> income? They seem to be treated differently.
You would report the foreign earned income on Form 1040,
line 8a and if your total insterest is olver $1500, you must
also report it on Schedule B. Also, you need to answer the
question at the bottom of Schedule B.
Also, you may be required to file Form TD F 90-22.1.
Rudy
www.LizcanoTaxServicesLLC.com
Disclaimer: The posted answer is for educational purposes
only and Lizcano Tax Services, LLC and/or Rodolfo Lizcano
have not been engaged to render any tax, accounting, legal,
or other professional services.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
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Posted by parrisbraeside@yahoo.ca on March 8, 2007, 12:04 am
Please log in for more thread options My interest wrote:
> where to report foreign bank account interest? Should I
> include it in taxable interest (schedule A) or foreign
> income? They seem to be treated differently.
It would be interest on Schedule B. Please don't forget the
reporting requirement for form TD F 90-22.1 should it be
required. You may also be eligible for form 1116 or 2555
depending on circumstance.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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