Can anyone help me in my current tax situation?
Residential status : Green card holder from 2005.( did not file for citizen ship yet)
Indian Income/ accounts : 1. have bought an apartment in 2005 via bank loan. Opened NRE account in 2005 and monthly/quarterly remmiting US dollars to pay EMI( approximately $1000 per month)
2. Rented apartment in 2006 and getting monthly income in Indian rupees which goes into savings account( spouses saving account that was opened before marriage. coverted into joint account in 2006)
3. received very minimal interest in NRE & Savings account as the balance was low.
4. At a given point in a year 2005 to 2010 the NRE account didn't have $ 10,000 as a balance, but savings account had more than $10000 in 2010.,. although the amount was later withdrawn. I transfered $10,000 to my NRE account in this April 2011.
Taxes paid: 1. I have filed taxes and filed tax returns in India for all the years for rental/interest income in India.
2. paid taxes for US income for all the years, but did not declare any Indian earnings in US tax returns( usually my taxes are done via HR&Block and they advised that I need not declare/pay anything here).
My question is - 1.Am I doing my taxes correctly? if not what would be my course of corrective action?
2. Do I need to disclose my foreign account this year or for any previous year( as savings account had more than $10000 last year)
Based on my reading through thread in this forum, i should be declaring all my income in US tax returns. So should I go ahead and amend my previous years tax returns?
Thanks.
Dual Tax clarification
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