Foreign investments are tax free?

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Foreign investments are tax free?

I was told that foreign investment capital gains are tax free by my accountant. I don't believe him. Is it true?

2007-03-17 15:04:55 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

2 answers

No, although foreign taxes paid can generally be taken as a credit on your US taxes.

2007-03-17 15:13:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

Who am I to argue with an accountant, but if this had been a test , I would have Failed.

What country doyou pay tax in,? In What country is the capital Gains,? And what is your definition of a capital gain in this instance,? (stock, Real Estate ??)

Most countries want tax paid on any worldwide income or gain.

2007-03-17 22:13:48 · answer #2 · answered by bob shark 7 · 0⤊ 0⤋