I'm a US permanent resident, I'm filing joint-return with my wife, who has substantial foreign income that has been taxed by the foreign country and local revenue agencies, and the asset is staying in the foreign account, and will not be repatriated to our account in US.
In this situation, will the income be taxed by IRS, again, even if it stays in the foreign account AND already taxed by the foreign country? What forms should we fill out to report this income?
