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I currently live in the USA, I have dual citizenship, USA

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Hi. I currently live in...
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: 1 year ago.Category: Tax
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8/25/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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?

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