TFSA for H1B, please help

[brankd]

I moved to USA from Canada in Oct 2023, I have not disclosed any my Canadian bank and TFSA account to IRS because I was only in USA for less than 90 days in 2023.

Now I have been living here as tax resident whole year,
what should I do with my TFSA account which has more than 10k in it?
If I keep it, do I need to pay taxes here in USA on gains?
if I sell it, how can I avoid paying taxes to IRS or minimize it?

 

[Buletruck]

Yes, you need to report the gains and pay any taxes on it owed to IRS (worldwide income). You can't avoid paying some tax, unless of course you are into tax avoidance.

 

[justinline]

I moved to USA from Canada in Oct 2023, I have not disclosed any my Canadian bank and TFSA account to IRS because I was only in USA for less than 90 days in 2023.

Now I have been living here as tax resident whole year,
what should I do with my TFSA account which has more than 10k in it?
If I keep it, do I need to pay taxes here in USA on gains?
if I sell it, how can I avoid paying taxes to IRS or minimize it?

In my opinion if its just fixed deposit, then just report the interest income and pay taxes on it. Treated as any foreign account with interest income........ie not tax free in US.
If you are doing stocks and mutual funds then there are more forms to fill out more complications.