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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
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: 11 months ago.
Category: Tax
Expert:  Mark Taylor replied 11 months ago.

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

Expert:  Mark Taylor replied 11 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?