You would report the foreign income on the appropriate Form
or Schedule, ex. foreign interest gets reported on Schedule
B and you must check the box at the bottom of Schedule B
concerning foreign accounts and trusts.

You may also be required to file Form TD F 90-22.1. See this
IRS article with link to the form

http://www.irs.gov/businesses/small/...148849,00.html

Rudy
www.LizcanoTaxServicesLLC.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"SCorp" <ihans[at]hotmail.nospam.com> wrote:

- quote -

You report foreign interest, dividends, and capital gains
just as you would report similar items received in US
dollars. You translate such income at the exchange rate in
effect on the day of payment. If you receive a payment and
later remit it back to the US, you could have a gain or loss
on the foreign currency if the exchange rates on the two
days are different. Exchange gains and losses are reported
on Schedule D, just as any other gain or loss.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

What form is used to report foreign investment income? I
cannot get a clear answer on the IRS website.

My wife has accounts in Canada.

Are income and cap gains reported on Sched B and Sched D
just like US investments?

Thank you for your help.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >