According to migration policy data, the highest number of immigrants are trying to get to the US. For those wanting to become Americans, it's a stressful situation, and the process can last for years.

But then there is another group of people who live outside the US, some of whom have no idea they are Americans, especially because they don't have a US passport. For the record, not having a passport does not determine citizenship.

This group somehow acquired US citizenship because they were born to US citizens outside the country (probably on deployment), were born to non-immigrants in the US, or were born to US parents but left the US at a very young age. They may not be aware of it, but they are "American." in all ways possible.

We call this group "Accidental Americans."

In today's "shortie" episode, we discuss the implications of being an accidental American and the tax and financial implications of being an American overseas and make suggestions on how to deal with them. Ignorance is no defense, and you can't really ignore it.

Owning foreign or overseas rentals is very attractive, especially for foreign-born individuals with strong ties to their "home" country.

The question has also frequently come up with foreign nationals on work visas who are not going to be in the US for the long term and want to start building passive income overseas. Given the current situation in the US, we can appreciate the attractiveness of the proportion. 

There are different areas to cover, but in today's episode, we are going to answer the top five questions we see over and over again. In the future, we'll tackle more questions.

Also, if your top question is not addressed, please send it to us, and we'll add it to a future episode. 

Today's questions are:- 

• How do you determine the value of the property?

• Are you required to report it to the IRS (your US taxes), and if so, how?

• What forms do you need to report rental income?

• Can you convert a primary resident to a rental property and vice versa, and if so, does the section 121 exclusion apply?

• What about the exit plan? What are the financial, tax, wealth, and cultural implications of the decision?

Translating financial and tax Legalese into English in 10 minutes or less. In today's episode, we'll explain payroll taxes.

We'll describe the what, the why, and, more importantly, what you need to know.  We'll answer the question, "What are FICA taxes?".

We'll also discuss how these payroll taxes affect workers on nonimmigrant work visas. Depending on whether you are a nonresident for tax purposes, you may be exempt from FICA taxes.

We finally touch on totalization agreements for US tax residents overseas.

The US taxes you on your worldwide income, regardless of where you live. If you live in the US and have foreign income, or live abroad, you have to report your foreign income on your US return.

The other country in the equation is also very interested in your income, especially if you live there. And so the fear of being double taxed is real and justified.

We are going to talk about Avoiding Double Taxation.

In this episode, we'll discuss the two main ways of mitigating this issue.

FEIE - Foreign Earned Income Exclusion and Foreign Tax Credits

Translating Financial & Tax Legalese to English in 10 minutes or less. In today's episode, we walk you through all the tax forms, you are going to need to file your taxes.

In other words, what information do you as a US resident or US nonresident need to compile your tax information?

We promise by the end of the 10 minutes, you'll have a pretty good list of all the forms you need to make this tax filing season a success.

Filing taxes in the US is generally a stressful process. It's extra stressful for those who are new in the US, especially since filing taxes in the US is very different from other countries.

In this episode, we discuss different aspects of filing taxes for both US tax residents and tax nonresidents. We start by discussing dates and different deadlines. We then move on to information gathering - what are the key pieces crucial for completing US taxes?

In this "shortie" episode, Jane and Manasa discuss the concept of digital nomads and the financial and tax implications of this lifestyle.

They define what a digital nomad is and explore the growing trend of remote work. They also highlight the importance of considering legal, financial, and tax consequences when becoming a digital nomad.

They touch on topics such as filing US taxes, paying self-employment taxes, and potential double taxation.

Foreign nationals on work visas are very keen to take advantage of the U.S. Tax code when it comes to investing and saving for retirement and other financial needs.

They are looking to save for retirement, their kid's college funding and other financial goals.

Like American citizens, they would like to take advantage of the tax-advantaged accounts like 401k plans, 403b plans, Roth IRAs, 529 college savings plans as well as health savings accounts.

Unfortunately, due to the temporary nature of the work visas (they are all nonimmigrant visas), they face unique challenges that make it very difficult to accomplish these goals.

In this episode, your co-hosts Jane Mepham, CFP, and Manasa Nadig, EA, discuss the challenges that range from brokerages that won't open accounts to the lost benefits of some tax-advantaged accounts when moving overseas due to tax-treaties amongst other issues.

The US finance and tax language sounds very foreign to anybody unfamiliar with it. This has nothing to do with when you came to the country.

In this episode, your co-hosts Jane Mepham, CFP, and Manasa Nadig, EA, dive into explaining one of these terms. In this new series (every other episode), they take a term commonly used in the cross-border space and explain what it means in plain English, and also where you are likely to find it being used.

Just about everybody loves weddings, and all that goes with them but when they cross international boundaries, the real fun begins.

In this episode, your co-hosts Jane Mepham, CFP, and Manasa Nadig, EA, dive into some of the challenges of a US citizen marrying a non-US citizen.

They examine the case of a couple who just got married and the non-US citizen is still outside the US. What are the tax-filing options available to this couple?

In this episode of the International Money Café Podcast, we get to answer the question “What does Jane Mepham, CFP® do for her clients, and who are they?”

Tune in to find out more about Jane, learn why & how she launched her practice Elgon Financial Advisors, to serve foreign-born families and who her ICP (Ideal client profile) is, through numerous case studies, she’s come across.

In this episode of the International Money Café Podcast, we get to answer the question “Who Is Manasa Nadig EA?”

Tune in to find out more about her, how she launched her practice MN Tax and Business Services PLLC, and who her ICP (Ideal client profile) is!

In this episode of the International Money Café Podcast your co-hosts Jane Mepham CFP® and Manasa Nadig, EA explain exactly what you need to do to be considered a US tax resident.

In this episode of the International Money Café Podcast your cohosts Jane Mepham CFP® and Manasa Nadig, EA walk through the top 10 wealth-building mistakes they see when people are new in the US.

In this episode of the International Money Café Podcast your cohosts Jane Mepham CFP® and Manasa Nadig, EA discuss how to go about building US credit history in the country when you are a brand-new immigrant.

A light-hearted episode, of the “International Money Café Podcast". Listen in as Manasa Nadig, EA, and Jane Mepham, CFP® describe their incredible journeys to the US from different continents.

Launching the new "The International Money Café Podcast". Join Jane Mepham, CFP, and Manasa Nadig, EA, as they describe their new show and the special moment when this podcast was born.