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To: SeekAndFind

I don’t believe so, unless he is a US resident. Say, with a Green Card, but not yet a citizen.


18 posted on 03/15/2021 6:37:34 PM PDT by Pearls Before Swine
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To: Pearls Before Swine

OK, Let’s make it more detailed ( but it is NOT theoretical because I know of such people ).

Mr. Wong is worth $20 million.

He deposited $10 Million of that in a Swiss Bank Account in 2010.

He applies for a Green card to the USA and was accepted after a few years.

He brings the remaining $10 Million to the USA in 2015 after migrating to the US as a permanent resident.

He becomes a US Citizen in 2020.

Between 2010 and 2020, His Swiss Deposits earns hundreds of thousands in interest, after 2020, his Swiss Bank account also earns interest.

Question: Are the interest from his Swiss Bank account during the time he became a US Permanent resident in 2015 ( money he made before he came to the US and never brought to the USA ), TAXABLE by the IRS?


19 posted on 03/15/2021 6:45:08 PM PDT by SeekAndFind
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