@pk Thank you for responding back .
Based on your reply , I guess it's now clear for me how to calculate the basis for the interest income from India. However for clarity let me put an example. Assuming I have a total of $ 100 in my foreign saving accounts and $ 20 is the interest which has been withheld ( foreign tax paid ) by the Government of India . Does this means for interest income from saving accounts I will answer both questions as :
Adjusted Basis of Investment Assets Generating Foreign Income : $ 100
Adjusted Basis of total investment assets : $ 100
Regarding my 1099-DIV , I am getting it because I directly own a stock (not mutual fund) on US Brokerage for a company which is Israel based. I guess let me put an example here also for clarity . Assuming I have invested $ 100 in this stock which has generated $ 40 as the dividend and $15 is showing as foreign tax paid on my 1099-DIV. Based on these numbers above , is there any math by which I can now calculate the below basis questions for this dividend income ?
Adjusted Basis of Investment Assets Generating Foreign Income :
Adjusted Basis of total investment assets :
