Owning foreign stock through Interactive Broker

Forum|Forum|2 years ago
January 22, 2024
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If I, a US citizen, buy a foreign stock using Interactive Broker, would I need to file FBAR or FATCA? What are the tax implications of owning foreign stocks through Interactive Broker?

Not A Product Question

Best answer by JulieS

No, you don't have to file an FBAR based on owning foreign stock through a U.S. financial account.

Interactive Brokers is headquartered in Greenwich, CT and is regulated by the Securities and Exchange Commission (SEC), so it's not a foreign financial account.

JulieSAnswer

No, you don't have to file an FBAR based on owning foreign stock through a U.S. financial account.

Interactive Brokers is headquartered in Greenwich, CT and is regulated by the Securities and Exchange Commission (SEC), so it's not a foreign financial account.

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oboero2Author

Thank you, so it's just like owning a domestic stock? Would I need to pay foreign tax or is Interactive Broker going to do it for me?

DaveF1006

Yes, it is similar to to domestic stocks. If foreign taxes are paid, the broker will pay them and then report this in the disclosure statement issued with the 1099B. You might wish to verify this with Interactive Brokers.

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