Account Down Under


» From: Eagle Point, OR

Dear TaxMama:

I have a Australian stock account with TD Waterhouse.

Are they responsible for sending me a 1099B form for activity in the year 2001? I have not received one from them yet, and when I contact them about it, they kind of draw a blank, then don't get back to me.

Are they responsible? Or are they right in thinking [hey it's not my problem, man --- you live in the USA.]

Thank You

Dean
Dear Dean,

You bet they're right.

They operate on Australian rules, not ours.

So, don't expect a form that doesn't exist in their world. However, you can ask your broker for a report that summarizes your activity - all your dividends and interest earned, the stock sales, etc.

In fact, you may be able to get it online and just print out the information you need.

Remember, when you open accounts outside the US, it's YOUR responsibility to track the information you will need for US purposes.

Businesses in other countries have a hard enough time complying with their own laws. They don't know - or care about ours.

(But, you would think a company that large, with offices in the USA could be a little more helpful?)

Best wishes,

Eva Rosenberg
Your TaxMama

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