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I became a permanent resident in April of 2016. I have received interest income from holdings outside the United States. How do I report that income?
I have a bond for a us company that I purchased in Panama, and is held by the Panamanian bank I purchased it through. I received interest payment on that bond. I also have bank accounts that paid interest (<5000 in 2016)
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June 3, 2019
10:55 AM
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Get your taxes done using TurboTax
Manually enter both in the in the Income/Interest screens. Give the name of the bank and the bond. Convert any foreign currency interest to US$ using a US Treasury rate. It is complicated though if you were resident only 9 months and you may be able to prorate it. But not if you were resident on a temporary visa - you still have to pay tax.
You may also need to file a FINBAR return and a form 8938 depending on the value of the holdings.
You may also need to file a FINBAR return and a form 8938 depending on the value of the holdings.
June 3, 2019
10:55 AM