Have a Tax Question? Ask a Tax Expert
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Is this money from income in the US but held in New Zealand?
No. It was all money I made from working here in Thailand. But US tax law does not care about that. They want 25% of the account at Forsyth Barr and 35% of any of the bank accounts (highest balance in any year) plus any interset and gains.
So will the US IRS find the money in New Zealand at Forsyth or not? Or should I just close the account and put it inot real estate or precious metals? It is alot of monwy to pay them
I am sorry (typo) they want 25% of everything not reported overseas.
So the remaining monies at Forsyth will have to go to pay them. About 50% of it. Not a small amount. I am ready to file it but just thought I would ask a legal opinion.
They tell me that there is no capital gains (or losses) on my stocks in New Zealand and they always take out any tax on interest and dividends for New Zealand tax people. So I should not have a problem with the NZ tax people? BUT the problem is with the USA tax people.