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  • Quiz

    Question 1

    Do you have real estate property outside U.S ?

    The US tax on rental income, property sales gain/loss and foreigh exchange gain and loss of foreign mortage is complicated, consult fiancial adviser or CPA

    Question 2

    Do you plan to gift someone

    The U.S. gift tax might be applicable if you surpass the annual exclusion limit. This limit varies annually, so consulting a financial adviser or CPA is advised to understand your specific situation.

    Question 3

    Do you need to refresh your estate planning?

    US inheritance tax applies to all assets within the USA, while assets abroad are subject to the respective local regulations of their location. Consult a financial adviser for comprehensive planning.

    Question 4

    Do you hold Mutual funds outside united states

    Foreign mutual funds are typically categorized as Passive Foreign Investment Companies (PFICs) for US tax purposes, making them subject to specific tax regulations and reporting obligations. Consult a financial adviser to optimze global assets allocation

    Question 5

    Do you hold permenant life insurance and annulities issued outside united states

    Non US life insurance and annulity are generally treated as passive foreign investment companies for US tax purpose, this means they are subject to special tax rules and reporting requirements,Cash value of US based life insurance policies grows tax free, in contrast, the cash value of overseas life insurance policies may be subject to taxiation, depending on the country in which the policy is held. Talk with our financial advisor to seek optimized solutions.

    Question 6

    Do you have direct owernship in additional entities outside United States. ( i.e. trusts, partnerships, corporations)

    If you have offshore investments or are considering offshore investments, it's crucial to consult with a CPA and financial adviser . Reporting requirements can be onerous, and tax implications can be punitive.

    Question 7

    Do you have critial illness or long term care insurance policies issued outside united states.

    Regarding health insurance policies issued abroad, the IRS mandates reporting to address potential tax implications, especially for policies with cash value. Overseas policies may not comply with U.S. regulations, leading to restricted coverage or complexities in reimbursement for losses incurred in the U.S. Consulting a financial adviser or insurance specialist is crucial to navigate these implications and ensure comprehensive coverage.