Search found 1189 matches

by TedSwippet
Sun May 21, 2017 9:33 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard funds from Europe
Replies: 7
Views: 601

Re: Vanguard funds from Europe

As far as I can understand from their website, they are still requiring a minimum investment of 100K pounds for each of their funds. This £100k minimum is only if you buy Vanguard UK's mutual funds. (It was also recently relaxed with Vanguard's entry into direct-to-customer accounts for UK investor...
by TedSwippet
Thu May 18, 2017 7:07 am
Forum: Investing - Help with Personal Investments
Topic: Choosing a foreign broker. 1099-DIV issue.
Replies: 3
Views: 237

Re: Choosing a foreign broker. 1099-DIV issue.

How much is the 1099-DIV worth? To you as an individual, in my experience mostly just worthless. The primary function of the 1099 range of forms is to make your broker or other financial institution into an IRS informant, making it harder for you to under-report your own income on a US tax return. ...
by TedSwippet
Wed May 17, 2017 8:31 am
Forum: Investing - Help with Personal Investments
Topic: tax forms for an NRA using IB account to buy LSE-listed ETFs
Replies: 2
Views: 124

Re: tax forms for an NRA using IB account to buy LSE-listed ETFs

Welcome. will IB withhold any amount of that dividend? They should not. There is no Irish or UK withholding on LSE-listed Ireland-domiciled ETFs, and also no US withholding, no matter where the assets held within the ETF are located. And, will this 'income' appear on any tax forms of the next year? ...
by TedSwippet
Tue May 16, 2017 7:52 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard opens new UK retail customer platform
Replies: 5
Views: 358

Re: Vanguard opens new UK retail customer platform

It doesn't look that bad at all... The fund charges are indeed pretty good. No complaints there. The problem is the platform fee , which is an added 0.15% on top of all the fund fees that you see here. UK investors typically hold trading accounts, ISAs, pensions etc on a 'platform'. This is a one-s...
by TedSwippet
Tue May 16, 2017 3:35 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard opens new UK retail customer platform
Replies: 5
Views: 358

Vanguard opens new UK retail customer platform

Vanguard's long-awaited UK direct to retail customer platform offering has now arrived: https://www.vanguardinvestor.co.uk/

At first glance, underwhelming. High annual cost, and low flexibility. Maybe they'll improve it over time.
by TedSwippet
Sun May 14, 2017 2:09 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard funds from Europe
Replies: 7
Views: 601

Re: Vanguard funds from Europe

I've been looking at different topics from the site that discuss if there is a way to buy Vanguards funds from Europe (I mean Vanguard Total Stock Market Index and Vanguard Total International Stock Index), e.g.: viewtopic.php?t=54298 The situation is somewhat different than when the thread you cit...
by TedSwippet
Sun May 14, 2017 7:47 am
Forum: Investing - Help with Personal Investments
Topic: Do non-resident aliens have to pay self-employment tax?
Replies: 4
Views: 502

Re: Do non-resident aliens have to pay self-employment tax?

I believe Ted paid social security taxes due to the totalization agreement the UK has with the US. Probably. I had some stock options granted while in the US, but exercised after leaving. For federal tax purposes the gain between grant and vesting was apportioned based on time in the two countries ...
by TedSwippet
Sun May 14, 2017 3:42 am
Forum: Investing - Help with Personal Investments
Topic: Do non-resident aliens have to pay self-employment tax?
Replies: 4
Views: 502

Re: Do non-resident aliens have to pay self-employment tax?

The question is: Does she have to pay self-employment taxes? My guess is that this income is liable to US self-employment and/or other FICA and social security taxes. Although received in 2016 it is for work performed in 2015, while the person was US tax-resident. Deferred US income, then, and so n...
by TedSwippet
Fri May 12, 2017 3:47 am
Forum: Investing - Help with Personal Investments
Topic: [EU] Should I simplify my portfolio even further according to Buffett's recommendations?
Replies: 27
Views: 1918

Re: [EU] Should I simplify my portfolio even further according to Buffett's recommendations?

... USD is stronger than EUR and will likely remain so, because US has the strongest army in the world and it is the global superpower. The USD to EUR rate dropped 50% from 2000 to 2008, regained about half that in 2014, and has plateaued since 2015. Is this plateau permanent, a step on the way to ...
by TedSwippet
Thu May 11, 2017 1:12 pm
Forum: Investing - Help with Personal Investments
Topic: [EU] Should I simplify my portfolio even further according to Buffett's recommendations?
Replies: 27
Views: 1918

Re: Should I simplify my portfolio even further according to Buffett's recommendations?

imperia wrote:Have you red anything about EU investing? Are you aware of dividend tax, estate tax if you hold US domicile ETF. For EU investors ireland domicile ETF like VUSD or CSPX are much better.

FYI, already discussed with the OP in this thread from a year ago.
by TedSwippet
Mon May 08, 2017 12:15 pm
Forum: Investing - Help with Personal Investments
Topic: Advice for UK citizen investing as an expat living in Dubai
Replies: 2
Views: 239

Re: Advice for UK citizen investing as an expat living in Dubai

What I'm trying to find out about is if there are any UK related tax implications here. Since I'm not currently residing in UK, I think there are no tax implications. Right. No UK tax issues as long as you meet the UK definition of non-residence . For best insulation from the UK and most future fle...
by TedSwippet
Mon May 08, 2017 9:08 am
Forum: Investing - Help with Personal Investments
Topic: US expat wife and NRA husband
Replies: 5
Views: 738

Re: US expat wife and NRA husband

2. I need to formulate a simple to execute tax efficient plan for my wife that I can manage for her. From my reading I understand it can be difficult for an expat to open an account so I'm looking for suggestions? Maybe Interactive Brokers? Purely from a tax perspective, it would probably be better...
by TedSwippet
Sat May 06, 2017 3:49 pm
Forum: Investing - Help with Personal Investments
Topic: Withholding tax on Ireland-domiciled distributing ETFs for non-Europe residents?
Replies: 2
Views: 196

Re: Withholding tax on Ireland-domiciled distributing ETFs for non-Europe residents?

etf_gaucho wrote:... I wanted to ask you guys if this withholding tax exemption also applies to other countries outside Europe?

Yes. Ireland does not have any withholding tax on dividends paid out by Irish domiciled ETFs. It doesn't matter where the ETF investor is resident; in Europe or outside makes no difference.
by TedSwippet
Sat May 06, 2017 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: Brand new investor and really looking for some help [UK]
Replies: 4
Views: 262

Re: Brand new investor and really looking for some help [UK]

Welcome. 1. Is my asset allocation plan of 34% bonds 66% stocks a good ratio for my age? Perhaps. A better question is, is it appropriate for your risk tolerance? Admittedly a hard one to answer, but existential questions like this tend to sit at the heart of success in investing, no matter how much...
by TedSwippet
Thu May 04, 2017 2:02 pm
Forum: Investing - Help with Personal Investments
Topic: Advice for resident alien
Replies: 30
Views: 2673

Re: Advice for resident alien

Say if I invest in Irish-domiciled ETFs (e.g. SWDA, IWDA, etc) now and then only sell it a few years later when I'm back in my home country, am I right that I do not incur any US taxes? Reason being that I'll not receive any dividends during my time in the US and I only sell the ETF after I have le...
by TedSwippet
Wed May 03, 2017 4:21 pm
Forum: Investing - Theory, News & General
Topic: Diversification in practice: Investing from Australia
Replies: 28
Views: 4157

Re: Diversification in practice: Investing from Australia

Are you holding US domicile assets in your personal name? We have a tax treaty with the US but we'd still be faced with estate tax issues above the $60,000 regardless unless they're held held through a corporate trustee. Australia is one of just a handful of countries with an estate tax treaty with...
by TedSwippet
Wed May 03, 2017 3:06 am
Forum: Personal Finance (Not Investing)
Topic: Managing finances for a new Indian immigrant parent
Replies: 11
Views: 1095

Re: Managing finances for a new Indian immigrant parent

In the old thread, brXrfeu has posted some some helpful advice which I'll post here: Subject: Need help investing from India ... 2 Interactive brokers has an Indian subsidiary. Hence, its possible to invest in cheap and global ETFs . Since India has a tax treaty with US, and if US estate taxes are ...
by TedSwippet
Tue May 02, 2017 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Managing finances for a new Indian immigrant parent
Replies: 11
Views: 1095

Re: Need help investing from India

... I'd like to keep her money in stocks, but invest in mutual fund or low cost NIFTY. In India, top 10 stocks control ~50% of the market and so it makes sense to sell one-off stocks and invest in a fund. Indian market is projected to do well and I'd like her to avail of this. Definitely do not swi...
by TedSwippet
Sat Apr 29, 2017 10:54 am
Forum: Investing - Help with Personal Investments
Topic: UK Pension Allocation
Replies: 2
Views: 202

Re: UK Pension Allocation

Welcome to the forum. ... if I haven't figured it out, I'll decide to let vanguard figure it out and buy into a lifestyle fund. You should be wary of life style funds. These shift gradually from stocks to (nearly) all bonds as you approach a set retirement date. In the old days, when UK retirees had...
by TedSwippet
Sat Apr 29, 2017 10:29 am
Forum: Investing - Help with Personal Investments
Topic: Foreigners filing 1040A
Replies: 2
Views: 243

Re: Foreigners filing 1040A

A foreigner who fulfills the "substantial presence test" can file 1040A. This can actually result in substantial savings in terms of dividend withholding taxes. Without filing 1040A, a foreigner's dividends are withheld at 30%. Whereas after filing 1040A, dividends are only taxed at gradu...
by TedSwippet
Thu Apr 27, 2017 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Incentive Stock Options, NSOS, and AMT
Replies: 11
Views: 1279

Re: Incentive Stock Options, NSOS, and AMT

What is the advantage to an ISO? I have been told it is advantageous but am struggling to see much tax difference. Just that, after AMT credit, the entire spread (and any gains after exercise) are only taxed as LTCG? The most reliable source of stock options information is probably Fairmark . Some ...
by TedSwippet
Thu Apr 27, 2017 3:53 am
Forum: Personal Finance (Not Investing)
Topic: Incentive Stock Options, NSOS, and AMT
Replies: 11
Views: 1279

Re: Incentive Stock Options, NSOS, and AMT

One thing to note, especially if you were able to exercise before a year after the grant, you must hold the stock for 2 years from the date of the grant and one year from the date of exercise in order to get LTCG; if you were able to exercise at 6 months and sold 13 months after exercise (possibly ...
by TedSwippet
Mon Apr 24, 2017 2:35 am
Forum: Investing - Help with Personal Investments
Topic: All world ex US fund needed
Replies: 4
Views: 465

Re: All world ex US fund needed

I was wondering does anyone know of an index/etf fund that is all world ex USA. I l already have the S and P covered with VUSD. As an NRA in a country without a US estate tax treaty, you'll generally want to avoid US domiciled VEU. Aside from that, I don't think there is any other non-US domiciled ...
by TedSwippet
Sat Apr 22, 2017 1:49 pm
Forum: Investing - Help with Personal Investments
Topic: Help with NRA investment planning - US Vanguard using ETFs, sell before ex-div date
Replies: 1
Views: 209

Re: Help with NRA investment planning - US Vanguard using ETFs, sell before ex-div date

I'm a 24 yo Canadian citizen residing in Taiwan, and does not currently file taxes in Canada. ... I'm currently investing in vanguard US using US mutual fund, and currently paying a flat 15% Canadian treaty tax on all dividends ... These statements appear to be at odds. To claim US/Canada income ta...
by TedSwippet
Fri Apr 21, 2017 2:20 pm
Forum: Investing - Help with Personal Investments
Topic: SIPC coverage for Irish-domiciled ETFs
Replies: 7
Views: 526

Re: SIPC coverage for Irish-domiciled ETFs

I feel in a big dilemma ... I don't think there is anything more here that anyone can offer you. Philosophically -- and practically, for that matter! -- losing a chunk of cash to US estate taxes is not really your problem, it is one for your heirs. If you don't mind the thought that they might curs...
by TedSwippet
Thu Apr 20, 2017 4:42 pm
Forum: Investing - Help with Personal Investments
Topic: Invest in foreign ETFs (€)
Replies: 6
Views: 537

Re: Invest in foreign ETFs (€)

So what are my real options? I feel hesitant converting my € to $ mostly because I would be converting at the lowest rate of the past 5 years. In addition, I'm not excluding to going back to Europe at some point in the future. If you do convert € to $ at a 'low' rate and then immediately buy US dom...
by TedSwippet
Thu Apr 20, 2017 5:15 am
Forum: Investing - Help with Personal Investments
Topic: Non-resident alien retirement taxation
Replies: 4
Views: 451

Re: Non-resident alien retirement taxation

Your 403b plan should count as a pension or annuity for tax treaty purposes. One possible complication with a 403b is that it might be some form of 'government' pension -- paid from "public funds" or similar -- in which treaty Article 18 applies instead. Here the payments are taxable to th...
by TedSwippet
Thu Apr 20, 2017 3:30 am
Forum: Investing - Help with Personal Investments
Topic: Invest in foreign ETFs (€)
Replies: 6
Views: 537

Re: Invest in foreign ETFs (€)

I'm a foreign national living in the US for some time now and started investing only recently in ETFs. I have some money in a German bank account in € and would like to wire the money in the US to start investing with it. However, I would like to invest in € to not have to bear the risk of currency...
by TedSwippet
Wed Apr 19, 2017 1:14 pm
Forum: Investing - Help with Personal Investments
Topic: Non-resident alien retirement taxation
Replies: 4
Views: 451

Re: Non-resident alien retirement taxation

Welcome to the forum. Retirement saving for international workers is invariably horribly complex where one end of the international travel is the US. I'll try to cover a few of the questions you posed, though. Firstly, under the US/Ukraine tax treaty the US tax rate on pensions and annuities is 0% u...
by TedSwippet
Mon Apr 17, 2017 5:52 am
Forum: Investing - Help with Personal Investments
Topic: NON-US (Ireland) ETFs - Simplified Ultimate Buy and Hold Porfolio
Replies: 71
Views: 11994

Re: NON-US (Ireland) ETFs - Simplified Ultimate Buy and Hold Porfolio

Thank you guys for the replies. Since the ingesteld amount comes nowhere near 60k (for me), I guess the decision can be based on TER's (vs. Dividend tax) and fund characteristics. If you live in -- strictly, are yourself domiciled in -- one of the few countries with a US estate tax treaty then hold...
by TedSwippet
Mon Apr 17, 2017 3:39 am
Forum: Personal Finance (Not Investing)
Topic: long-term green card holder seeking advice on expatriation process
Replies: 3
Views: 904

Re: long-term green card holder seeking advice on expatriation process

Have any long-term permanent residents been through the expatriation process ... I surrendered my green card and "expatriated" from the US in 2008. In my case this was a direct response to the 'exit tax' law, which hadn't yet been passed but once it was, would have immediately rendered me...
by TedSwippet
Sat Apr 15, 2017 4:46 am
Forum: Investing - Help with Personal Investments
Topic: NON-US (Ireland) ETFs - Simplified Ultimate Buy and Hold Porfolio
Replies: 71
Views: 11994

Re: NON-US (Ireland) ETFs - Simplified Ultimate Buy and Hold Porfolio

... But doesn't the TER make a bigger difference here (let's say one invests 10k)? Without analysing your numbers here... it's certainly true that a sufficient differential in TER can shift the balance away from the Irish domiciled ETF and towards the US one. The calculations can be subtle, though....
by TedSwippet
Fri Apr 14, 2017 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: NON-US (Ireland) ETFs - Simplified Ultimate Buy and Hold Porfolio
Replies: 71
Views: 11994

Re: NON-US (Ireland) ETFs - Simplified Ultimate Buy and Hold Porfolio

I see the tax difference, but: not every country has the same regulation when it comes to taxes. For example; the Dutch have a tax treaty with the US that allows Dutch people to reclaim 50% of the 30% tax (which evens it out to the Irish tax of 15%). Thats why I asked. For an ETF that holds only US...
by TedSwippet
Fri Apr 14, 2017 2:45 am
Forum: Investing - Help with Personal Investments
Topic: IRS 1116 with foreign earned income & moving back to the states
Replies: 7
Views: 414

Re: IRS 1116 with foreign earned income & moving back to the states

... in addition to the FBAR requirement for bank accounts totally $10k at each accounts maximum, is the pension/retirement fund supposed to be reported somehow? About the best we could do is to to go back and tally the amounts deducted from paychecks. A pension or other retirement savings fund is s...
by TedSwippet
Thu Apr 13, 2017 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign brokerage & US withholding taxes for US citizen
Replies: 4
Views: 414

Re: Foreign brokerage & US withholding taxes for US citizen

I contacted my broker again and they said that FACTA doesn't require them to provide me with a 1099-DIV or any other US tax documents. They do however send an annual statement detailing all my trades, dividends, taxes withheld, etc. All customers receive this, i.e. not only US customers, and isn't ...
by TedSwippet
Wed Apr 12, 2017 12:55 pm
Forum: Investing - Help with Personal Investments
Topic: SIPC coverage for Irish-domiciled ETFs
Replies: 7
Views: 526

Re: SIPC coverage for Irish-domiciled ETFs

In that case- why is SIPC coverage so important? Is it for other cases such as fraud by one of their employees or something of that sort? That would be my understanding (though you should note that I'm not an expert in the field, just an amateur). My impression is that they step in to cover fraud a...
by TedSwippet
Tue Apr 11, 2017 5:45 pm
Forum: Investing - Help with Personal Investments
Topic: SIPC coverage for Irish-domiciled ETFs
Replies: 7
Views: 526

Re: SIPC coverage for Irish-domiciled ETFs

In the meanwhile, I am trying to assess which is worse, taking on the risk of estate tax or the risk of IB going bankrupt and losing all my money... The US estate tax is the larger risk. This is because even if IB does go bankrupt you are extremely unlikely(*) to lose any of your money. Death, on t...
by TedSwippet
Tue Apr 11, 2017 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Weird Situation - Working remotely for USA company - Living in Canada - HELP!
Replies: 12
Views: 1542

Re: Weird Situation - Working remotely for USA company - Living in Canada - HELP!

Also, the reason my wife wants us citizenship is so she can continue to maintain telehealth job for a company based in Texas. Once her green card expires, in 2023, she would have to give up the job. This is the reason we are pursuing citizenship for her. If your wife moves back to live in Canada wi...
by TedSwippet
Tue Apr 11, 2017 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Weird Situation - Working remotely for USA company - Living in Canada - HELP!
Replies: 12
Views: 1542

Re: Weird Situation - Working remotely for USA company - Living in Canada - HELP!

AFAIK Boris Johnson, our Foreign Secretary and one time Mayor of London, got caught with New York City taxes because he was born in Manhattan, even though he hasn't lived there since he was 6 (he's about 54 now). However it may be he only got caught with US Federal taxes. I've only ever seen federa...
by TedSwippet
Tue Apr 11, 2017 5:51 am
Forum: Investing - Help with Personal Investments
Topic: Dual Citizenship Investing
Replies: 5
Views: 813

Re: Dual Citizenship Investing

AlohaJoe wrote:Note that you'll also need to find any tax treaty between Hong Kong and the US ...

Unfortunately, there isn't one. There's a treaty with China, but it doesn't cover HK.
by TedSwippet
Tue Apr 11, 2017 3:21 am
Forum: Personal Finance (Not Investing)
Topic: Weird Situation - Working remotely for USA company - Living in Canada - HELP!
Replies: 12
Views: 1542

Re: Weird Situation - Working remotely for USA company - Living in Canada - HELP!

A few corrections and amplifications to items above... Americans (and Paraguayans?) uniquely pay tax on their global income. Americans and Eritreans. A few other countries tax on citizenship in very limited circumstances, but only the US and the one-party state of Eritrea do it as general policy. At...
by TedSwippet
Sun Apr 09, 2017 10:53 am
Forum: Investing - Help with Personal Investments
Topic: Dual Citizenship Investing
Replies: 5
Views: 813

Re: Dual Citizenship Investing

Welcome. I'm not in HK nor an HK citizen, so I can't say in detail what you should do. I'll try to throw out a few pointers, though. Hopefully someone in a situation closer to your own will be able to fill in some of the blanks. It is important to note that while there are are downsides to US citize...
by TedSwippet
Sat Apr 08, 2017 4:22 am
Forum: Personal Finance (Not Investing)
Topic: Foreign brokerage & US withholding taxes for US citizen
Replies: 4
Views: 414

Re: Foreign brokerage & US withholding taxes for US citizen

Welcome. The broker should provide you with a form 1099-DIV showing the 15% as federal tax withheld (box 4). If you then file some flavo[u]r of 1040 and attach this as evidence of tax withholding it should all balance out. In the extreme case you'd get all of it refunded by the IRS, for example wher...
by TedSwippet
Fri Apr 07, 2017 10:38 am
Forum: Investing - Help with Personal Investments
Topic: Planning for Retirement while Claiming Foreign Earned Income Exclusion
Replies: 11
Views: 857

Re: Planning for Retirement while Claiming Foreign Earned Income Exclusion

During my search for investing options, I have come to realize that these negative tax impacts seem to be almost unavoidable, however I really want to start investing in order to at least get my foot in the door while I am young(-ish). I guess it is a bit of a "pick your poison" situation...
by TedSwippet
Thu Apr 06, 2017 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: Planning for Retirement while Claiming Foreign Earned Income Exclusion
Replies: 11
Views: 857

Re: Planning for Retirement while Claiming Foreign Earned Income Exclusion

Welcome. What is your current residence country's taxation view on you holding what will be, to them, offshore funds? Quite a few countries have unfavourable tax rules for non-local mutual funds, along the same lines as the US's PFIC rules. If yours does, you may well have problems threading this ta...
by TedSwippet
Thu Apr 06, 2017 12:36 pm
Forum: Investing - Help with Personal Investments
Topic: Non Resident Alien, Retirement, and Tax Considerations
Replies: 7
Views: 821

Re: Non Resident Alien, Retirement, and Tax Considerations

Welcome. Based on the scenario you outlined, my guess would be that the other country here is Israel. I've had a quick look at the US/Israel treaty . It's pretty old, but that may not be a bad thing as it lacks the way other treaties rope former citizens and long-term green card holders into the exe...
by TedSwippet
Thu Apr 06, 2017 6:54 am
Forum: Investing - Help with Personal Investments
Topic: UK Inheritance
Replies: 10
Views: 659

Re: UK Inheritance

In terms of moving money between the countries, have you used the likes of Caxton FX? Any issues? Advantages? Not Caxton, but I've used (or had used on my behalf) HiFx, Moneycorp and Xe in the past. They've all been fine, with the obvious advantage of a far better forex rate than the main banks off...
by TedSwippet
Thu Apr 06, 2017 3:09 am
Forum: Investing - Help with Personal Investments
Topic: UK Inheritance
Replies: 10
Views: 659

Re: UK Inheritance

Form 3520 to report the inheritance to the IRS. After sale, the difference between probate or inheritance tax value and sale price is capital gain (or loss) on that year's Schedule D. Then Forms 8938 and FinCEN 114 annually to report any non-US accounts. Any interest or dividends from these on the n...
by TedSwippet
Tue Apr 04, 2017 3:41 am
Forum: Investing - Help with Personal Investments
Topic: Feedback on my portfolio - US citizen retiring in Europe
Replies: 5
Views: 549

Re: Feedback on my portfolio - US citizen retiring in Europe

Don't forget that Spain has a wealth tax which varies by region and asset value. The highest rate is in Extremadura with a net wealth tax of 3.75% in the highest bracket. Also worth noting that wealth taxes do not meet the US's definition of " income tax " under IRC 1.901-1, meaning the O...
by TedSwippet
Sun Apr 02, 2017 10:38 am
Forum: Investing - Help with Personal Investments
Topic: Liquidate Philippine equities to VTSAX lump sum or cost average?
Replies: 5
Views: 515

Re: Liquidate Philippine equities to VTSAX lump sum or cost average?

grabiner wrote:Capital gains are based on your original purchase price.

Not just that, but also on the USD/PHP forex rate at the time of purchase versus the rate on sale. In the worst cases you could net a loss in PHP that nevertheless looks like a "phantom" gain in USD, and which the US will then tax.

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