All US Citizens & GC holders must file tax returns annually if above minimum filing thresholds.
You must report your worldwide income. If spouse is not a GC holder/US citizen - you do not need to report their income.
Filing Status | Age | Minimum Income Requirement |
---|---|---|
Single | Under 65 65 or older | $12,200 $13,850 |
Married Filing Separately | Any age | $5 |
Head of Household | Under 65 65 or older | $18,350 $20,000 |
Married Filing Jointly | Under 65 (both spouses) 65 or older (one spouse) 65 or older (both spouses) | $24,400 $25,700 $27,000 |
Qualifying Widow(er) with Dependent Children | Under 65 65 or older | $24,400 $25,700 |
Self-Employment | Any | $400 |
Not taxable.
However – if received from a Non-US person and over $100k USD , recipient must file form 3520. If US person, no filing requirement for the recipient
Taxable in the year when they are realized. Tax rate depends on type and length of investment.
Use of proceeds does not impact the taxability of the sale.
You do not have to report your non-US spouse’s income on your tax return. There are situations where it may be more beneficial – but it is not required.
Non-US forms do not need to be sent to the IRS.
However, you should retain records in case of audit.
Due date to file calendar year 2018 tax returns (if you live in the US)
Interest on tax due (if any) begins to accrue, even if you have an extension until June or October.
FBAR due Apr 15. Automatic extension granted until Oct 15.
US expats receive an automatic extension to file their US taxes to June 15. As noted above – tax due, if any, must be paid by April 15. Last day to file an extension to delay filing until Oct 15.
Filing date for those who have processed an extension