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15 years age difference, need advice! 🙏
For folks who are not US Citizens, do y’all pay tax on your foreign bank accounts as well?
Of course you must pay tax on such accounts. You will have other reporting requirements if the amount exceeds certain thresholds.
Not at all
You’re a tax evader.
Talk to a CPA. You need to report any bank account with balance higher than $10k at any point during the year they FBAR. Additionally, you need to report any WW income
No
USA taxes on the worldwide income. It’s up to the individual to be compliant or risk it. Foreign interest however small is enforced with huge penalties via FBAR non compliance if you exceeded $10k in aggregate highest total in a year.
But I didn’t make any income. I am going to file for FBAR but wondering how does it work if I made no income. I just bought a foreign investment home and until I sell anything, there is no income made, right?