I have a NRE account in india(offshore account) which provides interest of 4% annually and interest 12.5% earned from FD but they do not provide 1099 form showing the interest I earned for that particular year. Should I be reporting this income to IRS while filling taxes although I do file FBAR form to notify IRS for the amount held in those account.
My tax account says that since this money is not bought into US Banks, I don't need to notify IRS. I am wondering if he is right.
Thanks For the help,