isa
May 19th 2008 | 4:47 am
#1
Thread Starter
Forum Regular
Joined: Feb 2008
Posts: 108
isa
can we have cash -individual saving account (cash isa)if we have emigrated to us?
are isa taxable in usa?
are isa taxable in usa?
Last edited by nadnad; May 19th 2008 at 5:00 am.
May 19th 2008 | 4:53 am
#2
Joined: Mar 2003
Posts: 68,280
Re: isa
May 19th 2008 | 6:45 am
#4
Ping-ponger
Joined: Jul 2002
Posts: 12,090
From: Yam Yam land
Re: isa
Exisiting cash ISA's are not covered under the dual taxation treaty, i.e., are not recognized as tax-exempt income in the US. So yes, if you have an existing ISA it is taxable in the US as worldwide income.
May 20th 2008 | 7:15 am
#5
Forum Regular
Joined: Nov 2003
Posts: 96
Re: isa
If you have an existing ISA you may keep it but cannot add any money to it after becoming non-resident.
Interest/income from the ISA is taxable by the IRS if you are treated as a US resident for tax purposes, as dunroving said.
Also, the tax situation regarding selling stocks/shares within a stocks & shares ISA is not particularly nice as a US resident.
Interest/income from the ISA is taxable by the IRS if you are treated as a US resident for tax purposes, as dunroving said.
Also, the tax situation regarding selling stocks/shares within a stocks & shares ISA is not particularly nice as a US resident.
