I pay 30% tax on interest earned on CD's in India. Do I have to pay tax again in USA, if I get the money back?
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I had sent this money to India 2 years ago, and was earning high interest rate through bank fixed deposits. The bank has given me certificates that I have paid 30% income tax on the interest money. Now I need the money in USA. Will I have to pay tax on the interest component again in USA?
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Answer:
The interest must be reported on your USA income tax return but you will get a credit for foreign income tax paid.
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