How will money from stock in a Mexican company be taxed? 3 Answers as of December 18, 2010

I recently got married. I am quarter owner in a company in Mexico. We have a large amount of dividend over the next three years with a contract that is in place. Do I keep this in my name and file taxes under my name or do I do this as a couple?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
If you are a legal resident in the U.S. you must file a federal income tax return every year and report ALL your US and world-wide income, including dividends from a Mexican company. If you are married you may file a joint return with your wife, or file married filing separately. Generally, a joint tax returns receives a slightly better tax treatment, although you should consult with an accountant for your particular situation.
Answer Applies to: Illinois
Replied: 12/18/2010
Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
How it will be taxed depends on several factors. The US Mexico tax treaty. Your residence status. You would probably file as married joint. Call me if you want to explore this issue further.
Answer Applies to: California
Replied: 12/17/2010
Givner & Kaye
Givner & Kaye | Bruce Givner
The issue of whether you file separately or jointly is a decision to be made based on your and your spouse's overall income tax picture. I cannot answer that based on your question. You need to sit down with a competent CPA and run alternative scenarios with tax calculation software.
Answer Applies to: California
Replied: 12/17/2010
Click to View More Answers: