Author Topic: Investing Foreign Savings in US Broker, Tax Implications?  (Read 203 times)

developingviews

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Investing Foreign Savings in US Broker, Tax Implications?
« on: September 17, 2018, 08:24:39 PM »
This is my first post here, so hello everyone :) Please bear with my potentially silly question.

I'm an expat currently staying in the US. I'm not up to speed with the tax laws in the US.

I have savings I had abroad, which had been sitting in the bank (I know, outrageous). Having recently opened an account in Interactive Broker, which seems to support expat demographics pretty well, I'm planning to transfer the savings I have in a foreign bank (earned in that country when I worked there) to Interactive Broker.

I'm planning to mostly buy and hold index funds.

Are there tax implications of this that I need to know, that might mean this is a bad idea?

I used to report this savings in my FINCEN / FBAR form - if that's at all relevant.

Thanks in advance for any pointers.
« Last Edit: September 17, 2018, 08:28:48 PM by developingviews »

maizeman

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Re: Investing Foreign Savings in US Broker, Tax Implications?
« Reply #1 on: September 17, 2018, 11:27:40 PM »
Are you a resident foreign national or a nonresident?

If you're a resident, like US citizens, generally you're paying (or at least owe) taxes on worldwide income and earnings regardless of whether the money is held with a US broker or one based elsewhere in the world.

developingviews

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Re: Investing Foreign Savings in US Broker, Tax Implications?
« Reply #2 on: September 18, 2018, 06:23:42 PM »
I'm a tax resident. Ah, I see, thank you!