How to Play Nice with the IRS When Transferring Money Overseas

Goldstein on Gelt

Living in Israel with U.S. investment accounts? Be careful when transferring money overseas!

In this insightful recording, Doug Goldstein, CFP®, GFP®, founder of Profile Investment Services, Ltd., unveils essential tips and best practices for successful cross-border investing. From working with reputable financial institutions to maintaining meticulous records, he shares expert advice on navigating the complexities of transferring money overseas.

Key pointers from the show:

• Make sure to report all of your foreign financial accounts to the IRS. Violations may lead to severe penalties.
• Choose reputable financial institutions to work with when transferring money to ensure compliance and avoid potential issues.
• Be transparent with the IRS and report all financial transactions accurately.
• Avoid using checks or traveler’s checks. The preferred method of money transfer is wire, this lowers the risk of raising red flags with the IRS.
• Document all your transactions to ensure a clear financial record.

These are valuable points to consider when dealing with cross-border financial transactions.

Please share your thoughts and experiences on this in the comments below.

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