I became a tax resident in the US in 2017. I have investments in PFICs, that were started back in 2010 or earlier. According to IRS, when I make a sale of the PFIC, I have to allocate the profit to every year since I started the investment. Let's say that I have to allocate the amount to 10 past years.
Since I became a tax resident in the US in 2017, and had no financial activity or presence in the US prior to 2017, do I owe any tax to the US govt for those years (prior to 2017)? Can you guide me to the relevant IRS guidance?
I had purchased Turbotax premier hoping that it will have some information regarding PFIC tax calculations. However, after purchasing it, I realized that it support only US based mutual funds.
