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April 9, 2025
Question

Interest on Foreign Bank Accounts with income source outside of USA

  • April 9, 2025
  • 1 reply
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Is interest from an overseas bank account (foreign bank) for US Citizen with income coming from sources outside of USA (such as family inheritance) considered interest income and needs to be reported as such?

1 reply

April 9, 2025

Yes. A US resident is required to report all worldwide income. If you do happen to pay tax to a foreign country on the same income you may be entitled to a foreign tax credit.

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