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## Investing in Japan as a US Citizen: Reporting on NISA Accounts

Hello! I am a complete newbie when it comes to investing in Japan as a US citizen. Recently, I found out about the US government’s requirement for US citizens to report on NISA accounts. This came as a surprise to me because the account was actually opened by my husband. The account has been active for approximately 2 years now.

I am currently in a dilemma about what I should do regarding this situation. Should I keep the account and report it when filing my US taxes this year, or should I close the account altogether? I have come across several comments suggesting that it may not be worth keeping the account. However, I am unsure about the specifics, such as how much the US taxes on NISA accounts and where I can find that information.

This is where AI Legalese Decoder can come in handy. By using this tool, I can easily decipher the legal jargon surrounding NISA accounts and understand the implications for US citizens. This will help me make an informed decision about whether to keep or close the account, as well as how to properly report it when filing my taxes. Thank you in advance for any guidance or assistance you can provide!

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5 Comments

  • Traditional_Sea6081

    As far as the US is concerned, NISA is treated the same as a taxable brokerage account. So taxes and reporting will be no different because it is in a NISA. That means taxes on realized capital gains, dividends, and reporting for anything that requires PFIC reporting.

  • musixmaps

    I have reported my Fbar every year along with my taxes. Just did not file any information about my NISA account. So I know I will somehow have to report the past 2 years. Does anyone know where I can get all the necessary information needed to file?

    Also, does anyone know how much the US will tax on the account? How many %? I want to know numbers to see if it is worth it to keep it open since I will stay in Japan for awhile and do not have any plans on returning to the US for now.

  • Carrot_Smuggler

    Sorry for hijacking but is this only applicable for Americans? Or do EU citizens also need to tax on NISA?

  • totalnarcissist

    Without going into everything and explaining why this is a bad idea as it’s already been mentioned in this thread and many others; I highly recommend you sell (or have your husband sell) anything you have in this account and close it, based on what you said you are currently invested in PFICs which anyone who knows will tell you is not a good idea.

    And no offense at all, but given that you seem to not be too knowledgeable on your US tax liabilities it’s unlikely you’re equipped to do the necessary reporting.

    And you’ll still technically need to go back and amend your returns for every year you held these funds, either that or silently close the account and hope no one notices for the next 5 years until the statute of limitations is up

  • northwoods31

    You were able to open a NISA account with a Japanese brokerage as a US citizen? What are you buying? Be careful not to get PFICs in there