Was wondering if any one has advice. A friend's mother in law is a dual Filipino / US citizen. She has lived in US for ~50 years. She is selling a home in the Philipines. What is the most effective tax strategy to transfer the proceeds of the sale to the US.

Any advice is appreciated.

Thanks

I would start with understanding FATCA requirements and determine if there is an exposure from underreporting and potential lack of disclosure over time.

From there, if there is an exposure that could lead have included tax avoidance/evasion, they'll need to make some educated decisions based on risk/scale, that would typically be handled by tax counsel experienced in these matters.

Haven't had a need to look at amnesty programs in a number of years, but my understanding is these were/are regularly available. However, I've only seen them used during a period prior to significant income events, and not enough times to be able to offer any meaningful perspective on how easy/lenient this can be.

Casey TableTennis said:

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I would start with understanding FATCA requirements and determine if there is an exposure from underreporting and potential lack of disclosure over time.

From there, if there is an exposure that could lead have included tax avoidance/evasion, they'll need to make some educated decisions based on risk/scale, that would typically be handled by tax counsel experienced in these matters.

Haven't had a need to look at amnesty programs in a number of years, but my understanding is these were/are regularly available. However, I've only seen them used during a period prior to significant income events, and not enough times to be able to offer any meaningful perspective on how easy/lenient this can be.

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Good advice. When this came about (2010?) it alarmed me enough that I addressed it in my engagement letter, the transmittal letter accompanying the taxpayer copy of the return, and referenced it in the verbiage of my invoice. I wanted to be able to show they were made aware of FATCA requirements due to the harsh implications of noncompliance.

Thank you for the responses!