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  #1 (permalink)  
Old 03-25-2009, 01:33 PM
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sury is on a distinguished road
Default IRS Boosts Scrutiny of Overseas Money

http://online.wsj.com/article/SB123794388431033223.html

It is just delcaring the foreign accounts or we we will be taxed here..??
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  #2 (permalink)  
Old 03-25-2009, 01:46 PM
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Default Taxation without representation?

They ought to start reading this
http://en.wikipedia.org/wiki/No_taxa...representation
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Old 03-25-2009, 03:23 PM
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Default

so for folks on H1b having NRE / NRO accounts - how does this translate?

Just merely report on the holdings? GC is not in sight anyways... why keep money here!
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Old 03-25-2009, 05:53 PM
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Default misplaced context

Quote:
Originally Posted by sundarpn View Post
so for folks on H1b having NRE / NRO accounts - how does this translate?

Just merely report on the holdings? GC is not in sight anyways... why keep money here!
i think the wsj article is in the context of recent UBS and swiss bank issues and the last 10 years' misuse of offshore incorporation... i dont think it deals with immigrants repatriating money... even so, legally and since a long time, if you earn interest income in a foreign country, you are required to declare it as taxable income in US. if you paid taxes on that income in the foreign country, then you can avail a foreign tax credit...
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Old 03-27-2009, 05:37 PM
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Question double taxes???

I inquired back in india and talked to a person. He said that by law, all indian banks would deduct income tax on interests 'at source' (similar to TDS). so any account in india, when you withraw money, you would have already paid taxes on that.

So in this case, what should I do? I do not know if I am paying taxes in my home country, should it also be paid again here? Gurus, advice?
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  #6 (permalink)  
Old 03-27-2009, 06:07 PM
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Default Only if more than $10K

My understanding is that you need to declare only if you have more than $10K in the foreign bank account
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  #7 (permalink)  
Old 03-27-2009, 08:25 PM
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Default

Quote:
Originally Posted by immieb2 View Post
My understanding is that you need to declare only if you have more than $10K in the foreign bank account
what if there is a normal account (not NRI)? If there is money in that account to be used by your parents when needed, and it is not an account where you can bring money back to usa (only for domestic needs in that country, in currency other than USD) - do you still need to declare? (again the income tax is being deducted at source)...
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