2007-08-04 14:39:50 · 3 answers · asked by biggles 1 in Business & Finance ➔ Taxes ➔ United States
If you are filing a tax return as a resident alien you are subject to tax on your worldwide income as are US citizens. That said I would think that the IRS would have a difficult time determining what income you may have had in the UK. Also there could be an exception for this type of investment. IRS Publication 519 is a good resource.
2007-08-04 15:09:45 · answer #1 · answered by ? 6 · 0⤊ 0⤋
If you have income from the endowment mortgage it is taxable to the US. If at the same time it is taxable to the UK, you can get a credit on your US taxes for taxes you paid to the UK.
If you are holding a mortgage in the UK, you may have been able to deduct the interest and real estate taxes you paid on your US tax return, either because the property was your second home, or because it was an investment.
2007-08-05 12:43:42 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
I don't really know for sure but common sense tells me that it won't be subject to US income tax as the source isn't here in the US.
You should check the IRS website just be be sure.
2007-08-04 22:03:32 · answer #3 · answered by bdancer222 7 · 0⤊ 1⤋