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I need a tax professional or accountant to help me answer this, I had sold a stock position, that was held from 1989 (it was joint between my parents and me, the amount(gain) is approximately $7000, that is totally Indian account, I also did another small sale of mutual fund approximately $700, when going through q & a in turbo tax it seemed like I did not have to report this income as it was less than a particular amount. Indian bank does not report like US yet and they are totally indian accounts with no US connections. What should I do report it ?
Submitted: 2 years ago.Category: Tax
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Answered in 10 minutes by:
3/6/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,370
Experience: Taxes, Immigration, Labor Relations
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If you are US person - you are required to report all your worldwide income - regardless if it was reported to the IRS or not.
Income is realized when securities are sold.
So if you sold shares - income is realized and should be reported.
Sale transactions are reported on form 8949 and gain is calculated there.

Then results are combined and transferred to schedule D and eventually to form 1040 line 13.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

Regarding your joint account with your parents - we need to verify who owns shares - if these are owned by your parents - you do not need to report - but if owned by you - reporting is required.

In additional - you might be subject to FBAR and/or FATCA reporting requirements - there is no tax liability related to that reporting.

See some additional information here

https://www.irs.gov/uac/Newsroom/Taxpayers-with-Foreign-Assets-May-Have-FBAR-and-FATCA-Filing-Requirements-in-June

.

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If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

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