Declaring interests from investments in canada

[Bknt]

Canadian citizen, i live and work in USA, Massachusetts. 

While filing my 2024 US taxes, how do i report interests received from investments redeemed in my Canadian bank?

thanks!

[DianeW777]

It depends. You can include both the interest income and the foreign taxes paid on this interest income under the 1099-INT section. Just make sure that you include this amount in USD. Also, if you paid any foreign taxes on this interest income, you will be able to take a Foreign Tax Credit for taxes paid on income that is also taxed in the US.

• Where do I enter the foreign tax credit (Form 1116) or deduction?
• Yearly Average Currency Exchange Rates