For Foreign interest income from CD (Certificate of Deposit/Fixed Deposit) and related expenses to manage
For Foreign income:
1) Do we have to report interest income from CD (Certificates of Deposit) as well? If the CD's are tax exempt in foreign country - does we need to report the interest earned as income in US return?
2) There are expenses to manage foreign accounts - like CPA, legal, transportation expenses, hiring someone to manage accounts, taxes etc. Is there a way to claim such expenses?
