Living in Israel with U.S. investment accounts? Be careful when transferring money overseas!
In this insightful recording, Doug Goldstein, CFP® 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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Watch How to Play Nice with the IRS When Transferring Money Overseas on YouTube.
