IRS Currency Exchange Rates for Expat Tax Returns

IRS Currency Exchange Rates for Expat Tax Returns

If you’re a US citizen living abroad, then you will need to convert your foreign assets to USD for tax purposes. If you are a US citizen living abroad, you are required to file your annual taxes based on your worldwide income, not merely income earned in the US....
What is an IRS Currency Transaction Report?

What is an IRS Currency Transaction Report?

If you make a financial transaction of over $10,000, then your bank or other financial institution will need to file a Currency Transaction Report. Dateline: Kuala Lumpur, Malaysia Suppose you recently took a trip to Las Vegas, and you got lucky – in fact, you...
Form 8833: How to Claim Income Tax Treaty Benefits

Form 8833: How to Claim Income Tax Treaty Benefits

If you’re a tax resident of both the US and another country, then you may be able to use Form 8833 to reduce your US tax burden. FSay you’re a six- or seven-figure US-based entrepreneur who’s recently brought their business abroad. You find yourself...
How to Retire Wealthy with the 80/20 Principle

How to Retire Wealthy with the 80/20 Principle

The key to a wealthy retirement is surprisingly simple. Dateline: Tbilisi, Georgia The other day, I watched a video by financial commentator David Ramsey about the number one indicator of people who retire wealthy. While most of the people who read my blog probably...
Does Dual Citizenship Lower Your Taxes?

Does Dual Citizenship Lower Your Taxes?

Although dual citizenship can be an important part of your tax strategy, it doesn’t automatically mean that you’ll save money on taxes. Dateline: Tbilisi, Georgia A couple of months ago, I sat down with an Australian man named Jake to discuss his interest...
Who is a US Person for Tax Reasons?

Who is a US Person for Tax Reasons?

Dateline: Battambang, Cambodia About a year ago, I met an Australian man named Tom who accidentally became a US person. Tom was a ship captain, and when he started traveling on the boat, he did his best to get out of the Australian tax net as quickly as he could....
How to Get a Gold-Backed Debit Card

How to Get a Gold-Backed Debit Card

Dateline: Phnom Penh, Cambodia In the wake of Brexit, trade wars, and the European Debt Crisis, investors have renewed interest in diversifying their assets beyond fiat currency. While I’m not one for conspiracy theories or doomsday predictions, I think that...