Question

Tax questoin for Non US citizen, former Resident with investment accounts still in US

Forum|Forum|5 years ago
February 19, 2021
1 reply
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I lived in the US till 2019 and was on a H1B visa, during which i had investment accounts like robinhood. I have filed taxes for 2019 as i did work a few weeks that year. But for 2020 my investment accounts have gained some profits in short term trades. I am getting mixed answers about if i owe taxes on it. Could you please clarify and if I do, what are the rates for a non resident? also can I use turbo tax to report them?

Thanks,

KathrynG3

The answer about your tax filing depends on how you are classified, as a resident alien, or a nonresident alien.

To verify your status, see: Determining Alien Tax Status.
For more information, see: Can I file a 1040 or do I have to file a 1040-NR?
- Please visit the TurboTax/Sprintax site for more info if you are a nonresident alien.

The answer about whether your investment accounts are taxable, depends on whether or not you sold the investments. Once the investments are sold, they are taxable.

If you have cryptocurrency and converted them from one type to another, this is a taxable event.
If you are mining cryptocurrency, then your transactions are reported as self-employment income.

For more information, see:

5 Things You Should Know about Capital Gains Tax - TurboTax Tax Tips & Videos

How is cryptocurrency like Bitcoin taxed?