Undeclared Foreign Income (2018) – IRS Worldwide Income | U.S. Taxes

Undeclared Foreign Income (2018) – IRS Worldwide Income | U.S. Taxes Undeclared Foreign Income – IRS Worldwide Income | U.S. Tax Basics by Golding & Golding Undeclared Foreign Income usually comes in the form of Foreign Investment income, such as Foreign Bank Interest, Dividends, Capital Gains or Rents. Oftentimes, when a person does not report the income on their U.S. Tax Return, it is because they did so unintentionally. In other words, they were just never made aware (either by the IRS, CPA or Accountant) that they were required to declare this income on their U.S Taxes. Worldwide Income & CBT United States is Citizen-Based Taxation (CBT) system that follows worldwide income concepts. Boiled down to its barest, all that means that if you qualify as a US person (not necessarily a US citizen, see below) you are subject to US tax. That does not mean you will necessarily have any tax liability, or that you even meet the threshold…

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