How to Play Nice with the IRS When Transferring Money Overseas

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Doug Goldstein November 30, 2023

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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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Watch How to Play Nice with the IRS When Transferring Money Overseas on YouTube.


Featured on:
Arutz Sheva
The Jewish Press
Available On:
iTunes
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Sponsored By:
Profile Investment Services