If all foreign mutual funds held values totaling < 25K, one needs no disclose 8621.
1. If donâ€™t file 8621, it means I donâ€™t need to pay any tax now with respect to those foreign mutual funds. Is it correct?
2. But, if those funds give dividends in some years. Then, one need to file 8621 on those years only?
3. When sold later, then regulation 1291 PFIC applies?
4. What about I will sell those when I cease to be a US resident? Does it mean that I can avoid to pay tax on those mutual funds?
This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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