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Declaration of Foreign Assets

The Guru Tax & Financial Services specializes in reporting assets owned and sold in a foreign country by US citizens and permanent residents in their US tax returns. Internal Revenue Service and department of Treasury require that foreign assets owned by US citizens and permanent residents of US may need to be officially reported on prescribed forms depending on the value of assets and how it was acquired. Failing to report such items and activities have consequences that results in to paying significant amount of fine and penalty. In addition there are also requirements to report details of a business if a US citizen is a shareholder of a business in a foreign country.

Our office stands as a source of help to answer your questions and resolve these issues with expertise in this area.

Everyone faces a different situation and looks for an accurate answer to be relieved.

  • When to report foreign bank accounts or other assets?
  • What forms to choose to report them with US Tax returns?
  • Is there any tax consequences in US, if taxes are paid in the foreign country?
  • What to do if a gift is received from someone in a foreign country?
  • What if someone takes transfer of residency and maintains US citizenship living in their country of origin?
  • What if a property/home  is rented in a foreign country, is the rent taxable in US?
  • Should the assets be kept in foreign country or be repatriated if the taxpayer stays in US?
  • If missed declaration, how can one put themselves back on track?
  • What to do if properties such as real estate, land, stocks and bank accounts are inherited from relatives in a foreign country?
  • How to repatriate or bring back money from foreign countries?
  • Is there any limit on how much amount can be transferred from another country to USA?

Foreign Reporting

Reporting foreign accounts, gifts, inheritance and sale of assets in tax returns by US citizens and residents.

Let us stand as a source of help to answer your questions.

Thank you!