View Full Version : Tax Question
I recently sold some stock in Europe and put the proceeds in my European bank account. I then wired all funds I had in that account, including money I had saved up growing up into my US bank account.
What do I pay taxes on and/or declare to the IRS?
Also, my bank in Europe sent me a letter saying that I had to send them a W9 otherwise they would be obliged to charge backup withholding tax on all US-source income, 28%.
ScottB
08-24-2007, 06:44 PM
you should receive a 1099-div form at years end if the European Bank will report the sale and proceeds stateside. If not, I cannot see how they can track it truthfully. It would become your honesty to report as you see fit.
A W9 is a US form that certifies your Social Security Number.
FMINUS
08-24-2007, 11:30 PM
If the Euro bank is holding taxes, you can file for a Tax Credit here in the US. If not you will be taxed 35% for dividends. Or nothing if you fail to file...... If its not a big amount, not one will know ;)
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