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Gerald Joseph Dunworth's Answers

Gerald Joseph Dunworth
New York Estate Planning Attorney.
Contributor Level 4

2

Attorney answers:

  1. Lindsay Hope Rubel
  2. Gerald Joseph Dunworth

Do I need to report/pay tax for the interest generated by my overseas bank account?

Asked by a user in New York, NY - over 2 years ago.

Permanent residents pay tax on their worldwide income. It does not matter that the income is from a foreign bank. Just as important is checking the box on Scheduel B of the Form 1040 telling the IRS that the taxpayer has a foreign bank account. This is a hot issue for the IRS. In addition a US Treasurey form 90-22.1 may have to be filed. You can find that form on the IRS website.

1

Attorney answers:

  1. Gerald Joseph Dunworth

Mother died without will i want to give brother all rights to home and we both want home to go to granddaughter at his passing

Asked by a user in Abilene, TX - about 2 years ago.

You have a few options that a local attorney should be able to help you with. First, since you want to give your brother all rights to the home either (i) you and your brother as the heirs can transfer the home to your brother, or (ii) if it is not advisable for you to make a gift to your brother you should investigate whether you can "disclaim" your share in favor of the house going directly to your brother. Once your brother owns the house he can make his estate plan, usually with either a...