Subject: Re: OT New Monaco homes
Does anyone have an opinion if USD in a bank account is a US asset?

Good question. I'm pretty sure the answer is "no". The definition has something to do with "US-Situs Assets", which I think (?) kinda means things with an identifiable location in the US, which cash and bonds don't have.

My friendly neighbourhood AI suggests that cash *could* count depending where it's held, for example a distinction between bank (no), non-US financial institution (no), and US brokerage account (maybe?).

For most people, it's mainly property and shares in US companies/partnerships. It would include a necklace or painting physically sitting in New York.

https://www.irs.gov/individual...

Jim