U.S. tax planning for NRI, expat & global families

Your financial life crosses borders. Your strategy should connect them.

U.S. tax planning and reporting coordination for globally connected professionals and families with foreign income, accounts, investments, property, gifts, inheritances, and continuing U.S. obligations.

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One U.S. tax pictureMany global connections
Foreign bank accounts
Indian & global property
Foreign investments
Gifts & inheritances
Income across borders
Family & relocation
Plan before the transaction

Moving money is rarely the tax event by itself. The source, ownership, income, asset type, transaction, and reporting history are what shape the U.S. tax analysis.

01

Foreign reporting is not one form—or one threshold.

Different rules may apply to foreign financial accounts, specified foreign assets, foreign investments, entities, trusts, gifts, and income. Applicability depends on the facts.

FinCEN Form 114

FBAR

Reports certain foreign financial accounts through FinCEN. It is separate from the federal income-tax return.

Foreign account reporting
IRS Form 8938

Specified Foreign Financial Assets

May apply to specified foreign financial assets when the relevant filing threshold and other requirements are met.

FATCA information reporting
IRS Form 8621

Foreign Mutual Funds & PFICs

Foreign pooled investments may involve PFIC analysis and separate reporting for each applicable investment.

Investment-specific reporting
IRS Form 3520

Foreign Gifts & Trusts

Certain large foreign gifts, bequests, and foreign-trust transactions may trigger separate information reporting.

Gift, bequest, and trust reporting
Forms 5471 / 8865

Foreign Companies & Partnerships

Ownership or activity involving foreign entities may require detailed information returns and ownership analysis.

Entity reporting
Form 1040 & schedules

Worldwide Income

U.S. taxpayers generally consider applicable worldwide income, including foreign interest, dividends, rent, and gains.

Income-tax reporting
Decision windows

Important conversations should happen before money or property moves.

Advance planning creates time to identify records, reporting requirements, valuation questions, and the U.S. consequences of a proposed transaction.

01Before selling foreign propertyReview basis, improvements, currency translation, ownership, use, and gain reporting.
02Before receiving a major giftUnderstand the donor, source, structure, documentation, and potential Form 3520 reporting.
03Before buying foreign investmentsIdentify whether funds, companies, insurance products, or accounts create special U.S. reporting.
04Before relocatingCoordinate residency, income, payroll, accounts, property, and filing obligations.
05Before opening or closing entitiesAssess ownership, classification, transactions, and applicable information returns.
06Before year-endReview income, gains, account balances, reporting history, and unresolved documentation.
U.S.–India financial lives

Familiar assets can create unfamiliar U.S. tax questions.

01
Indian bank, demat & brokerage accountsAccount ownership, income, balances, and applicable FBAR or Form 8938 considerations.
02
Indian mutual funds and pooled investmentsPotential PFIC classification, Form 8621 reporting, and transaction-level information needs.
03
Rental, inherited, or family propertyRental income, expenses, depreciation, ownership records, basis, sales, and currency translation.
04
Gifts, inheritance & family transfersDocumentation, source, donor or estate status, and possible U.S. information-reporting requirements.
05
Provident funds, pensions & insurance productsProduct classification and U.S. income or information-reporting analysis based on the specific arrangement.
ForMyTax Field GuideThe U.S. Tax Guide for NRI, Expat & Global Families

Know the questions to ask before the transaction.

A practical introduction to U.S. tax and reporting conversations involving foreign accounts, investments, property, gifts, inheritance, and relocation.

  • FBAR and Form 8938
  • Foreign mutual funds
  • Property and rental income
  • Foreign gifts
  • Global account records
  • Pre-move planning
Explore Tax Guides
Browse practical resources for complex tax decisions.
Globally connected family · Florida

Clarity across borders.

Our financial life extends across the United States and India, including income, accounts, investments, and family assets. ForMyTax helped us organize the different reporting considerations and understand how our decisions could affect our U.S. tax obligations. The explanations were clear, practical, and sensitive to the complexity of having financial ties in more than one country.
Ram Iyer · Globally Connected Family
Global tax FAQ

Questions that cross borders.

No. They are separate reporting regimes with different definitions, thresholds, filing locations, and requirements. Some taxpayers may need one, both, or neither depending on their circumstances.

Not necessarily. Many foreign pooled investments require PFIC analysis and may involve Form 8621. The treatment depends on the specific investment and the taxpayer’s facts.

The answer depends on what the transfer represents. A genuine gift may be treated differently from income, a loan, trust distribution, or property-sale proceeds, but information reporting such as Form 3520 may still apply.

It may. U.S. taxpayers generally consider income from dispositions of foreign property, subject to applicable law. Basis, improvements, ownership, use, depreciation, local taxes, and currency translation may all matter.

ForMyTax focuses on U.S. tax planning and reporting. When foreign-country advice is needed, the engagement may require coordination with appropriately qualified professionals in that country.

Connect your global financial life to one U.S. tax strategy.

Schedule a conversation before a major transfer, sale, gift, investment, relocation, or reporting deadline.

Schedule a Tax Planning Consultation →