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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I currently live in the USA, I have dual citizenship, USA

Customer Question

Hi. I currently live in the USA, I have dual citizenship, USA and Colombia. In Colombia we have a family company and We get money from the profits of the company and it is distribute monthly and deposited into a Colombian bank account. I know I have to report all world wide income, however my question is: do I have to pay taxes on that money? Thank you for your anticipated cooperation.
Submitted: 7 months ago.
Category: Tax
Expert:  Mark Taylor replied 7 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 7 months ago.

Yes, you are correct you would need to pay taxes on your world wide income. Do you know what type of entity the Columbian business is? Is it a corporation? Do you pay taxes in Columbia personally on this money?