ELGON FINANCIAL BLOG
Financial detours can be painful, especially when we are forced to make them because of something out of our control. But they can be a chance to evaluate new opportunities. To consider paths not taken, even a chance to enjoy the new path.
Today I’m going to show you how the IRS gets information about your foreign accounts.
They know how much you have in there, and they know when you reach certain thresholds They know when you should be reporting this and when you shouldn’t.
One of the worst investment decisions I recall making was buying a stock at close to $100 per share and literally watching it go down to a single-digit number. Does anybody recall Qualcomm in 1999 -2021?.
It was my introduction to anchoring bias – read the post to learn how you can avoid this investing trap
The current school of thought is that 529 savings accounts are the best way to save for college. But if you are on an H-1B visa, and your kids are foreign-born without social security numbers yet, this might not be the best option for you.
Read the post for more savings options if you find yourself in this situation.
If I own foreign rental property, do I have to include the income when I file my US taxes? The answer is yes, although it depends on your tax residency status. Read the rest of the post for the details on how you go about figuring this out and what to do with your foreign rental income.
Filing taxes the first year in the US as an immigrant or as a non-US citizen is not for the faint of heart. You need to figure out your filing status, in addition to understanding different concepts in the tax code. This post discusses what you need to keep in mind as you go through the process.