US Tax reporting for interest earned in NRO account
Posted: 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
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