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Is Income reported on the FBAR also taxable in the U.S.?
Dear all,
As per the requirements of the FBAR, I am required to report income earned from foreign banks and financial accounts. The income was never brought/transferred to the U.S. Is the income I report on the FBAR considered as taxable income on Schedule B (Form 1040) as I am already paying taxes on it abroad? Thanks!
‎April 15, 2024
8:10 PM