US Tax & Reporting for India Assets
What do I have to tell the IRS about my money in India?
Quick answer
US citizens and residents are taxed on worldwide income, so Indian interest, dividends, rent and gains go on your US return. Separately, your Indian accounts and assets may need FBAR and Form 8938 reporting, and Indian mutual funds can trigger the PFIC rules.
US Tax & Reporting for India Assets
FBAR and FATCA: Reporting Indian Bank Accounts to the US
If your Indian and other foreign accounts together exceed $10,000 at any point in the year, file an FBAR (FinCEN Form 114) by April 15, with an automatic extension to…
US Tax & Reporting for India AssetsIndian Mutual Funds and the US PFIC Rules
Once you are a US tax resident, Indian mutual funds are generally treated as passive foreign investment companies (PFICs). Under the default rules, gains and large…