ExpatCM
Dryer sheet wannabe
Hello
I was hoping someone can answer this question.
For the purposes of calculating worldwide income, if you own a non-USD denominated fixed deposit with maturity greater than one year that pays interest at maturity, are you supposed to include the annual accrued but unpaid interest in a year that it hasn't matured yet as income for that tax year?
Or is it permissible to include all the interest since inception in the tax year it matures?
Thanks to all.
I was hoping someone can answer this question.
For the purposes of calculating worldwide income, if you own a non-USD denominated fixed deposit with maturity greater than one year that pays interest at maturity, are you supposed to include the annual accrued but unpaid interest in a year that it hasn't matured yet as income for that tax year?
Or is it permissible to include all the interest since inception in the tax year it matures?
Thanks to all.