Reporting your capital gains/ losses from foreign investment account

Income tax policy, rules, problems, strategy and software. Property and consumption taxes too.
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minhminh
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Joined: 10 Feb 2018 15:36

Reporting your capital gains/ losses from foreign investment account

Post by minhminh »

Hi,

I'm a newbie here. I'm not Canadian citizen but I hope you all can advise.

I am tax-resident in the US, living here for 3 years, still on working visa. Before that, my family and I lived in many countries as expats. While we were expat outside of the US, we invested in off-shore account as retirement investment. Now, we decided to stay in the US longer, we sold our funds from those off-shore account and brought money to the US.

From what I researched online, I have to report the IRS the transactions dated from the acquisition date, which could go back all the way to 2007 and could be up to hundred transactions of buy / sell. Is it right?

Have any of you experienced this kind of scenarios before?

Thank you so much for your inputs.
OhGreatGuru
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Joined: 27 Mar 2010 16:01

Re: Reporting your capital gains/ losses from foreign investment account

Post by OhGreatGuru »

This is a Canadian Forum. Try Bogleheads https://www.bogleheads.org/forum/index.php
Their web page is very similar in appearance to FWF, so you are not the first to ask US tax question here.

The US is unusual in taxing investments of Americans on the basis of citizenship, not residency. But as you say you are on a visa, I take it you are a foreign (to US) national. I don't know what the US rules are.
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