even if the account is not in the US like he said, he would still have to pay taxes?
even if the account is not in the US like he said, he would still have to pay taxes?
US Citizen = you have to pay income taxes...doesn't matter where you are in the world. You do get a 76k exemption though. Interest counts as regular income no matter what country the interest came from. Not reporting = tax evasion.Originally Posted by gobraves00
'06 G35 Sedan | 6MT
Unless you are a contractor for the US Government working for them overseas, then it is exempt.....
Very true but the interest income from the account isn't exempt. Only way he'll get the money into the country w/o taxes is in suitcases and inattentive airport security.
'06 G35 Sedan | 6MT
The government directly deposits into his account here. There is no bringing the money back into the country. It never leaves. Of course interest is not excempt, that a seperate investment from which you are getting a return.
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