Moving to the U.S. With Foreign Assets? What to Know Before You Go with Ron Abraham (Ep. 20)
Moving to the United States with foreign bank accounts, investments, property, or a pension? Do you have to report everything on your U.S. tax return, even when the money remains in another country?
In this episode of the G360 Wealth Podcast, Rex Berger speaks with Ron Abraham, CPA, CAA, MST, Tax Partner at KSDT, about what happens when someone becomes a U.S. tax resident. Ron explains dual-status tax returns, worldwide income reporting, FBAR and FATCA requirements, PFIC rules, foreign pensions, tax treaties, and the difference between tax residency and domicile. They also explain why internationally mobile professionals, families, and business owners should coordinate with their financial advisor, CPA, and attorney before relocating, selling foreign property, transferring investments, or completing another major transaction.
What to expect:
- When you may become a U.S. tax resident after moving to the United States
- Whether foreign income and bank accounts must be reported on your U.S. tax filings
- How foreign mutual funds, ETFs, pensions, and retirement accounts may be treated
- What triggers FBAR and FATCA reporting, even when a foreign account produces no income
- Why planning six to twelve months before a move or transaction may provide more options
- And more!
Resources:
Connect with Rex Berger:
Connect with Ron Abraham:
About Our Guest:
Ron Abraham, CPA, CAA, MST, is a Tax Partner at KSDT who focuses on U.S. taxation for expatriates, non-U.S. domiciliaries, and clients with cross-border financial interests. He has worked in international tax since joining KSDT in 2014. Ron earned bachelor’s and master’s degrees in accounting from Florida Atlantic University. He is a Certified Public Accountant in Florida and Georgia and a Certified Acceptance Agent.
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