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  • Ep 46: Gift Or Gaffe? Reporting Cash Receipts From Foreign Persons And Navigating U.S. Tax Penalties

    Ep 46: Gift Or Gaffe? Reporting Cash Receipts From Foreign Persons And Navigating U.S. Tax Penalties
    2025/06/04
    Your uncle just sent you a ton of money from overseas - what are the tax implications?

    We discuss the complexities of gift taxes, particularly for individuals receiving gifts from overseas.

    We explore the annual gift tax exclusion, reporting requirements for large gifts, and the implications of receiving money from non-U.S. persons.

    The conversation also touches on exemptions to reporting requirements and the potential issues surrounding covered expatriates.

    We emphasize the importance of transparency and consulting with experts to navigate these financial matters effectively.

    Some Key Takeaways
    • Gifts over $100,000 must be reported on Form 3520.
    • Receiving money from non-U.S. persons (outside the US) generally has no tax implications.
    • The reporting threshold for gifts from foreign entities is around $17,000.
    • IRS penalties for non-filing can be significant, up to 25%.
    • Late filing of Form 3520 may allow for a reasonable cause statement.
    • Exceptions exist for qualified tuition and medical payments.
    • Consulting with financial experts is crucial when receiving large gifts.
    • Understanding covered expatriate status is important for tax implications.
    Episode Links & Resources

    • Ep 08: What Is English For "Domicile?"
    • Ep 18: What Is English For "Situs?"
    • Ep 22: What Is English For "Covered Expatriate?"
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


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    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

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    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    25 分
  • Ep 45: What Is English For "Streamlined Filing Procedures?"

    Ep 45: What Is English For "Streamlined Filing Procedures?"
    2025/05/21
    IRS expects you to report your overseas or foreign assets when you file taxes if you are a US tax resident (US citizen, Green card holder, or you meet the substantial presence test).

    Many people are unaware of the requirements, and the IRS seems to acknowledge this.

    IRS has come up with an amnesty program, which allows you to catch up and be tax compliant if you haven't reported your overseas assets.

    In this episode, we discuss the process, known as "Streamlined Filing," and explore the penalties involved, if any, as well as the proper steps to follow.


    Episode Links & Resources

    • Ep 13: Mitigating Double Taxation
    • Ep 04: Substantial Presence Test (SPT)
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


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    Be sure to join the conversation by visiting our page: The International Money Cafe.

    Or by following us on social media: - LinkedIn; Instagram; Twitter (X); Facebook

    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    6 分
  • Ep 44: Wisdom From Our Mothers And Lessons of Money We Carry With Us

    Ep 44: Wisdom From Our Mothers And Lessons of Money We Carry With Us
    2025/05/07
    In this heartfelt episode, we celebrate Mother's Day by reflecting on the lessons learned from our mothers, particularly in the context of financial education and cultural influences.

    We discuss the unique challenges faced by immigrant mothers in raising children in a new country, the importance of open conversations about money, and the role of mentorship in empowering the next generation.

    The conversation emphasizes the universal values of motherhood and the significance of sharing knowledge across generations.

    Some key takeaways
    • Lessons from our mothers often include important financial wisdom.
    • Cultural influences can change the way we approach motherhood.
    • Navigating parenting as immigrants presents unique challenges.
    • Open conversations about money are crucial for financial literacy.
    • Adapting financial lessons for the next generation is essential.
    Tune in to find out who is saving for their daughter's wedding, just like their mother did.


    Episode Links & Resources

    • My Mom Is Not Afraid To Talk About Money
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


    ---------------------------------------------------------------------------------

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    26 分
  • Ep 43: Financial Planning 101: How to Find a Great Cross-border Financial Planner.

    Ep 43: Financial Planning 101: How to Find a Great Cross-border Financial Planner.
    2025/04/30
    How do you find a good financial planner?

    We share personal experiences and insights on the importance of cultural sensitivity, qualifications, fee structures, and effective communication in financial advising.

    These are the things you want your financial planner to have in addition to cross-border technical knowledge.

    We emphasize the importance of advisors understanding their clients' unique backgrounds and financial goals, as well as the fiduciary responsibilities they hold.

    This will help you find the best financial advisor for your specific situation.

    Key Takeaways on finding the right advisor for your cross-border needs
    • Look for cultural sensitivity
    • Look for advisors with CFP certification for quality assurance.
    • Understand the fee structure.
    • Ensure their communication will help you understand complex financial concepts.
    • Ensure they are a fiduciary - put your interests first.
    • Agree on how you define financial success and much more.

    Episode Links & Resources

    • Ep 37: How To Find The Right Tax Pro For Your Cross-border Needs
    • Ep 31" Five Important Financial Planning Questions For Foreign-Born Families
    • A Prospect's First Visit - Nightmare Os The Start Of Something Beautiful
    • Kitces: Navigating Challenges Investing For Nonimmigrant Visa Holders
    • Understanding The Role Of a Financial Advisor
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

    If you'd like to work with us on your finances or taxes, check out the process


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    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook


    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    37 分
  • Ep 42: What Is English For "Gift And Estate Taxes"?

    Ep 42: What Is English For "Gift And Estate Taxes"?
    2025/04/16
    There is a huge difference between the gift and estate tax. This is highly magnified based on your immigration status (U.S. residents and non-resident aliens (NRAs)).

    We also explain the annual exclusion for gifts, the unified tax credit, and the importance of tax planning to navigate these complex tax laws.

    The conversation highlights the need for careful planning to avoid significant tax liabilities, especially for non-resident aliens with U.S. assets.

    Some Key Takeaways
    • A gift tax is applicable during the lifetime of the giver.
    • The estate tax is assessed after a person's death.
    • The annual exclusion allows gifting up to $19,000 without tax in 2025.
    • Non-resident aliens have a much lower exemption of $60,000, while U.S. tax residents have $13.99 million - set to sunset in 2025.
    • Planning is crucial to manage tax liabilities effectively.
    • Understanding domicile is key for tax implications.
    Future episodes will delve deeper into the tax and financial planning strategies that will help with the above.


    Episode Links & Resources

    • Ep 08: What Is English For "Domicile?"
    • Ep 18: What Is English For "Situs?"
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

    • If you'd like to work with us on your finances or taxes, check out the process

    ---------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
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    11 分
  • Ep 41: Roots And Rights: Exploring Birthright Citizenship, Pros, Cons And Its Implications.

    Ep 41: Roots And Rights: Exploring Birthright Citizenship, Pros, Cons And Its Implications.
    2025/04/02
    We discuss the concept of Birthright Citizenship, its historical context, and its implications for foreign nationals in the U.S.

    This is a topic that's coming up a lot.

    The 14th Amendment defines it.

    We explore the ongoing debate surrounding the potential removal of birthright citizenship. We delve into the responsibilities of U.S. citizenship, specifically taxes, which are often not discussed.

    We touch on the global perspective of citizenship and the importance of compliance with immigration and tax laws.

    Finally, we offer some practical tips if this situation affects you, especially if you are on a work visa.

    You will need to rely on our super strength - the immigrant mindset - to get through this.


    Episode Links & Resources

    • The Fourteenth Amendment
    • Bonus Episode: Post Election - Thoughts And Mitigating Concerns
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

    -------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    LinkedIn; Instagram; Twitter (X); Facebook
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    19 分
  • Ep 40: What is English for "Top 10 Cross-Border Tax Blunders"?

    Ep 40: What is English for "Top 10 Cross-Border Tax Blunders"?
    2025/03/19
    We've seen a lot of mistakes made by individuals filing taxes, particularly focusing on immigrants, foreign nationals, and green card holders living overseas.

    In today's shortie, we list these critical mistakes, hoping you'll avoid making them.

    They range from ignoring taxes, ignoring immigration status, forgetting to report overseas gifts, including foreign dependents, to completing the backdoor Roth incorrectly.

    We also address those overseas with expired green cards who are ignoring their tax obligations.

    If you find yourself in this situation, please contact a tax pro to help you rectify these issues and hopefully avoid what could be a huge tax penalty.

    Onto the 10 mistakes.

    Episode Links & Resources

    • Ep 34: What is English For "FBAR?"
    • Ep 22: What Is English For "Covered Expatriate?"
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

    ---------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media.

    LinkedIn; Instagram; Twitter (X); Facebook
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    11 分
  • EP 39: Unlocking the Backdoor: A Guide to Roth IRA Contributions

    EP 39: Unlocking the Backdoor: A Guide to Roth IRA Contributions
    2025/03/05
    We discuss the intricacies of Backdoor Roth IRAs, a popular strategy for high earners to contribute to Roth IRAs despite income limits.

    We explore the mechanics of the Backdoor Roth and the Mega Backdoor Roth, including eligibility, contribution limits, and tax implications.

    We also cover the importance of understanding 401k options, the pro rata rule, and key considerations for executing a Backdoor Roth conversion effectively.

    We address work visa considerations when looking to complete a back-door role or a direct contribution.

    We help you think through whether this is for you or not based on your work visa, your country of origin, and where you are likely to be when you finally withdraw the money.

    We finally address the biggest mistakes we see when people DIY backdoor roth and the tax preparation that comes after that.

    Episode Links & Resources

    • Ep 20: What Is English For "Custodial Accounts?".
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
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    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
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    38 分