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February 15, 2025
Question

Interest from a foreign savings bank account

  • February 15, 2025
  • 1 reply
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Do I have to report interest income from a foreign bank account even if it is less than $10 ?

    1 reply

    February 15, 2025

    Yes, you must report taxable interest in any amount. All income is taxable, unless specifically exempted by law.

     

    According to Publication 550, "you must report all your taxable interest income even if you do not receive a Form 1099-INT."