Can Form 3520 Owning 2023-2024

Hello, welcome to Maxim's cross-border wealth series. In this video, we're going to discuss common questions about property owned abroad. We are big believers in real estate and think it's a fantastic long-term investment. Most of our clients, who tend to be cross-border families or international individuals living in the US, own at least one property internationally. However, owning property abroad comes with its own set of challenges. The management burden, which includes dealing with tenants, vacancies, and repairs, can be quite challenging. Another challenge is managing cash flow. Whether it's positive and money is building up that you'd want to bring over here, or if it's cash flow negative and you have to contribute more funds to it, figuring out an easy way to manage it is always a challenge. Despite the challenges, most of our international clients have a strong preference for real estate. However, many of them already own some properties. This creates a dilemma as cash builds up in savings from their work and other sources, they often lack the time or energy to buy and manage more properties. Let me give you an example. We have an Indian client who bought his first flat in Mumbai when he lived there. Since then, he has moved to Europe and later settled in the Bay Area in San Francisco. Along the way, he bought several more properties in India. Now, he has three properties, all with tenants, and his family helps manage them. However, it has become a lot of work for him, and we hear similar stories from many people. Now, let's talk about taxes for a moment. When you move to the US and leave a property behind, you have to decide whether to sell it or rent it out. Most people choose to rent it out. However, there...