CROSS-BORDER RECORDS

Preserve the records before moving or selling foreign assets.

Transfers are not automatically taxable, but income, gains and reporting can be. Missing basis and balance records make correct filing harder.

INPUTS

Gather the facts first.

01

Account owner, type, institution and country

02

Highest annual balance and year-end balance

03

Original cost basis, acquisition date and currency

04

Income, taxes paid and transfers by date

DECISION MAP

Use the branch that matches the evidence.

Decision map
Situation	Evidence	Action
Foreign accounts remain open	U.S.-person reporting may apply.	Track maximum balances and obtain cross-border filing advice.
Foreign investment may be sold	U.S. basis and product classification affect tax.	Preserve purchase records and obtain advice before sale.
Large transfer planned	Source, ownership and reporting must be documented.	Keep bank trail and determine tax/reporting consequences before moving funds.

DO THE WORK

Complete it in order.

Step 1

Inventory every foreign account and asset.

Step 2

Recover basis and transaction history.

Step 3

Track income, tax paid and maximum balances.

Step 4

Review FBAR, Form 8938 and product-specific issues with a specialist.

YOUR NEXT MOVE

Create one cross-border inventory before moving or filing anything.

List every foreign account, asset, pension, business interest, transfer, and prior filing. Reporting rules depend on facts that generic advice cannot safely guess.

All foreign accounts/assets are listed.

Maximum balances are recorded.

Basis and acquisition dates are preserved.

Income and foreign tax records are complete.

Transfers retain source documentation.

Cross-border reporting is reviewed before filing.

PRIMARY REFERENCES

Verify current rules at the source.

NEXT DECISION