www.privateairny.com Private Air New York | Fall 2018
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WEALTH MANAGEMENT
C
ongress has enacted a
hodge-podge of laws
requiring US taxpayers
to disclose international
investments. e requirements are often
duplicative, and there are severe penalties
for noncompliance. is summary of
what you need to know about these
rules will help you avoid getting tripped
up by them. It's perfectly legal to hold
assets outside the U.S.—and safe too—
as long as you know the rules.
What's Non-Reportable?
Very few non-U.S. assets are non-
reportable, but there are some. Aunt
Ellen's antique engagement ring? at's
fine. Your precious 1968 Corvette
Stingray? at's fine too. You can even
bury a box of gold bars at the bottom of
the garden. at's not a secure option,
but on the upside, you needn't report it.
e IRS identifies the following assets
as non-reportable:
• Foreign real estate held directly
• Foreign real estate held through
a foreign entity. (Take care on
this one, as the foreign entity
itself is a financial asset, and its
maximum value includes the
value
• Foreign currency held directly
• Precious metals held directly
• Personal property such as art,
WHAT YOU NEED TO KNOW
ABOUT REPORTING
OFFSHORE ACCOUNTS
By: Mark Nestmann
