Tax-free in India does not mean tax-free on a US return. A US resident is taxed on PPF interest as it is credited. The EPF and the EPS are contested, with no IRS ruling, so document your position. The FBAR…
If you are a US citizen, green card holder or US tax resident, your NRE and NRO accounts are foreign accounts for US purposes. Report the interest on your Form 1040, file an FBAR when their combined peak balances exceed…
A rental abroad goes on Schedule E like any other rental, with three differences. The building is depreciated over 30 years under the alternative depreciation system, not 27.5. Every figure must be translated into dollars. And the property itself is…
The streamlined filing compliance procedures let a taxpayer whose failure to report foreign accounts was non-willful file three years of returns and six years of FBARs. If you meet the non-residency test the miscellaneous offshore penalty is nothing; if you…
A foreign mutual fund is almost always a PFIC — 75% or more of its gross income is passive, or 50% or more of its assets are. Without a QEF or mark-to-market election, gain is taxed as ordinary income at…
A Roth conversion is taxed at your marginal rate, so the planning move is to convert only up to the top of the bracket you are already in. For 2026 the 12% band ends at $100,800 of taxable income on…
Most people with foreign accounts file both. The FBAR is required when your foreign financial accounts together exceed $10,000 at any point in the year. Form 8938 starts at $50,000 for a single filer living in the United States and…
Mostly no. India taxes the gain because the property is there, the US taxes it because you live here, and the foreign tax credit under Article 25 of the treaty relieves most of the overlap. Three things survive it: the…
