US Tax reporting for interest earned in NRO account

sks · Post by **sks** » Sun Jan 20, 2008 8:53 am

Hi,

I have NRE and NRO account. For NRE account, I receive 1099 from Citibank but for HDFC NRO account, I will not receive 1099. FYI, I am on H1B and US resident for tax purpose.

Couple of questions

1. As I understand, I have to report this income in my US tax also even though I will not receive 1099. I will have to convert interest income from INR to USD. How should I determine exchange rate for conversion? Can I simply look into ICICI Money2India to determine exchange rate?

2. Rental Income: I have rented my flat in India and the rent INR 13K is deposited to my HDFC NRO account. Do I need to report this as a income for my US tax?

Thanks in advance.

SK

sks · Post by **sks** » Mon Jan 21, 2008 2:19 am

^Bump.

SK

Bobus · Post by **Bobus** » Mon Jan 21, 2008 2:29 am

Pls ask in appropriate thread.

sks · Post by **sks** » Mon Jan 21, 2008 3:18 am

OK..I guess I should post this question to "My Simple / Silly US Tax question".