QUESTION
How will money from stock in a Mexican company be taxed?
Asked on Dec 17th, 2010 on Taxation - California
More details to this question:
I recently got married. I am quarter owner in a company in Mexico. We have a large amount of dividend over the next three years with a contract that is in place. Do I keep this in my name and file taxes under my name or do I do this as a couple?
2 ANSWERS
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If you are a legal resident in the U.S. you must file a federal income tax return every year and report ALL your US and world-wide income, including dividends from a Mexican company. If you are married you may file a joint return with your wife, or file married filing separately. Generally, a joint tax returns receives a slightly better tax treatment, although you should consult with an accountant for your particular situation.
Answered on Dec 18th, 2010 at 6:58 AM
Bruce Givner
The issue of whether you file separately or jointly is a decision to be made based on your and your spouse's overall income tax picture. I cannot answer that based on your question. You need to sit down with a competent CPA and run alternative scenarios with tax calculation software.
Answered on Dec 17th, 2010 at 4:58 PM