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luishm6
New Member

Do I have to report interst gained in foreign banks even if it is less than 10 $ ?

 
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Accepted Solutions
jerry2000
Alumni

Do I have to report interst gained in foreign banks even if it is less than 10 $ ?

Any income that is more than 49 cents is reportable and taxable.

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3 Replies
jerry2000
Alumni

Do I have to report interst gained in foreign banks even if it is less than 10 $ ?

Any income that is more than 49 cents is reportable and taxable.

View solution in original post

luishm6
New Member

Do I have to report interst gained in foreign banks even if it is less than 10 $ ?

I see. So, if the total interest gained is less than 49 cents I don't need to report it right?
jerry2000
Alumni

Do I have to report interst gained in foreign banks even if it is less than 10 $ ?

If the interest gained is less than 50 cents, it does not get reported. The IRS allows rounding. 49 cents rounds to $0. 50 cents or more rounds to the next dollar and is reported.
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