by Edward37 on Sep 7, 2011 | Business

What is the overseas income tax deal?

What is the overseas income tax deal? I'm confused with this whole overseas income tax deal. My mom inherited two properties in Honduras back in the early 80s. She became a U.S. resident when she had me in 85. She has always paid her income taxes in Honduras but has never reported it to the IRS. Now she has dual citizenship . She did sell one of her properties in 2008 and has a bank account in Honduras that is gaining interest. So my question is does this overseas income tax apply to her?

Answer it