2007-11-08 03:37:54 · 5 answers · asked by Foo223 2 in Business & Finance ➔ Taxes ➔ United States
If you're a US citizen or a permanent resident you'll have to pay US Income tax on the interest. However, if you also paid tax to a European taxing authority you should be able to get a credit on your US return for the taxes paid in Europe.
2007-11-08 14:37:46 · answer #1 · answered by nealeinmi 3 · 0⤊ 0⤋
All income received from any worldwide source is consider for US taxes. You may have to pay foreign taxes too, but You can get a credit on your US taxes.
2007-11-11 23:53:09 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
You have to report all source of income world wide unless it is specifically excluded. Interest from foreign saving account is taxable interest
2007-11-08 03:42:06 · answer #3 · answered by alikmal 2 · 0⤊ 0⤋
Yes-However if you qualify there is a tax deduction for Foreign Taxes you paid to help eliminate double taxation
2007-11-08 06:11:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You betcha! And if the account balances exceed $10,000 there are other reporting requirements as well.
2007-11-08 03:52:13 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋