hould I pay taxes in the US from my capital gains in a Mexican account? ?
I am a Mexican citizen and working in the US with an H1B visa. I have money in Mexico and make capital gains from interests in an account that is in Mexico. I didn't make that money from my work in the US, I had it there before I starting working in the US. I would like to know if I should include those capital gains in my US Tax declaration?
United States - 2 Answers
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1 :
It is in the IRS Code that "worldwide income is inclusive" on the US tax returns. You declare all foreign income in your US tax returns but at the same time you could take deductions on the foreign taxes you paid on those income.
2 :
No, that income is not subject to US taxation under your visa status. Should you become a lawful permanent resident though it WILL become taxable at that point.
