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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/individuals/international-taxp...Jim
