Using LRS to Invest Globally from India: A Practical Guide for Returning NRIs and India Residents

You came back to India with a six-figure corpus sitting in a Singapore brokerage account and a clear preference not to sell it into Indian rupees and watch it sit in a fixed deposit earning 7%. You want global equity exposure. You want to keep building wealth in dollars or pounds. LRS is the mechanism the Reserve Bank of India created precisely for this, and used well, it lets an India-resident individual send up to USD 250,000 per financial year abroad for investment.

The problem is that most returning NRIs learn about LRS the way they learn about most Indian financial regulations: from their relationship manager at the bank, three weeks after they have already made the wrong decision. This guide covers the mechanics, the tax treatment, the TCS cash flow drag, the reporting obligations, and the specific flow for someone moving funds from an India resident account into a US brokerage.

The 30-second answer: India's Liberalised Remittance Scheme lets a resident individual remit up to USD 250,000 per financial year for foreign investments, including US stocks, ETFs, and foreign mutual funds. Funding must come from your India resident bank account (your NRO account once converted to resident status after you return). The main friction is a 20% Tax Collected at Source on the remittance amount above Rs 7,00,000 per year, collected upfront by your bank and creditable against your ITR tax liability. Foreign dividends are taxed at slab rate in India, with US withholding creditable via Form 67. Foreign equity LTCG (24-plus-month holding) is taxed at 12.5% post-Budget 2024. You must report all foreign accounts and income in Schedule FA, Schedule FSI, and Schedule TR of your ITR from the first Resident and Ordinarily Resident year.

This guide covers LRS from the perspective of an India-resident individual, specifically someone who has returned from abroad or is otherwise resident in India and wants to build or maintain a globally diversified portfolio. It covers how LRS works, the TCS cost, the platforms available, Indian tax treatment of returns, and the annual reporting obligations. It does not cover LRS for education or medical treatment, both of which have different TCS rates and are outside the scope of investment planning.

What LRS is and who can use it

The Liberalised Remittance Scheme was introduced by the Reserve Bank of India in 2004. The core rule is simple: an Indian resident individual may remit up to USD 250,000 per financial year for any permissible current or capital account transaction without seeking prior RBI approval. The USD 250,000 limit is cumulative across all transactions in a year; if you send USD 100,000 for investment and USD 50,000 for travel in the same financial year, your remaining LRS capacity is USD 100,000.

Who can use LRS:

• Resident individuals, including those with RNOR status.
• Minors, with a parent or guardian operating the account and the limit applying to the minor individually.
• Joint account holders, but each person's LRS limit is personal. If you and your spouse both have resident savings accounts, each can separately remit up to USD 250,000.

Who cannot use LRS:

• Non-Residents. LRS is a resident facility. An NRI still classified as NRI (that is, a non-resident under FEMA) cannot use LRS from their NRO account.
• Companies, trusts, Hindu Undivided Families, and partnership firms. LRS is strictly for individuals.
• Resident individuals who have already hit the USD 250,000 calendar-year cap.

The funding rule matters: LRS remittances must come from the remitter's own India bank account. You cannot route a relative's money through your LRS limit. The account can be a savings account, a current account, or, for a returning NRI, their NRO account after it has been converted to a resident savings account following a change in residency status.

That last point is the key junction for returning NRIs. When you are an NRI, your India bank accounts are either NRE or NRO accounts and carry FEMA-determined limitations. When you return to India and your residency changes under FEMA (generally within a few months of return), your NRO account is redesignated as a resident savings account. From that account, LRS is available in full. Your NRE account similarly converts to a resident account. Both become LRS-eligible once you are resident.

The permissible uses under LRS that are relevant to investment planning include:

• Purchase of foreign equity shares and ETFs.
• Purchase of foreign debt instruments.
• Opening and maintaining a foreign bank account (for the purpose of facilitating the investment).
• Purchase of property abroad.
• Capital account transactions with foreign relatives.

LRS is not available for remittances to countries identified by the Financial Action Task Force as non-cooperative, and it cannot be used to buy foreign currency convertible bonds or certain structured products depending on current RBI circulars. For straightforward purchase of US or global equity ETFs through a regulated broker, there are no restrictions.

The TCS levy: the real cost of using LRS for investment

The Finance Act 2023 made a significant change to how Tax Collected at Source applies to LRS remittances, effective October 1, 2023. The rates that apply for investment remittances in FY 2025-26 and FY 2026-27 are:

• LRS remittances for investment (buying foreign stocks, ETFs, or maintaining foreign accounts): 20% TCS on the amount exceeding Rs 7,00,000 per financial year.
• LRS remittances for education funded by an education loan from a financial institution: 0.5% TCS (no threshold).
• LRS remittances for education or medical treatment without an education loan: 5% TCS on the amount exceeding Rs 7,00,000.
• LRS remittances for travel (above the Rs 7,00,000 threshold): 20% TCS.

The Rs 7,00,000 threshold applies individually per financial year and covers all LRS remittances collectively. If you send Rs 3,00,000 for travel and then Rs 5,00,000 for investment in the same year, the combined total exceeds Rs 7,00,000 and the excess is subject to TCS.

TCS is collected by your bank at the point of remittance. It is not a cost you can avoid by choosing a different bank or platform. Every authorised dealer (bank or NBFC) sending LRS remittances is required under Section 206C(1G) of the Income Tax Act to collect TCS at the prescribed rate.

What TCS actually is: TCS is an advance tax credit in your name. The bank collects 20% on the excess amount and deposits it against your PAN with the government. When you file your ITR for that year, you claim the full TCS amount as a credit against your tax liability. If your tax liability exceeds the TCS collected, you pay the balance. If your tax liability is lower, you receive a refund.

The practical problem is the timing gap. The TCS is paid out at remittance. The ITR is filed months later, and a refund (if your liability is lower) takes 12 to 18 months to arrive. During that period you have effectively given the government an interest-free loan. For large remittances this is a non-trivial amount.

There is no way around TCS for investment remittances above Rs 7,00,000. The mitigation strategies are:

• Stay within Rs 7,00,000 per financial year if your investment need is modest. Below that threshold, no TCS applies.
• Spread remittances across two financial years to split the TCS into smaller amounts if your investment timeline permits.
• Ensure your advance tax payments during the year account for the TCS, so you are not paying advance tax separately on income where TCS will cover the liability.
• Use Indian-listed international feeder funds for at least part of the allocation, which do not require LRS at all and carry no TCS (discussed in the next section).

The 20% TCS does not affect small-scale investors as much as it affects someone remitting Rs 30,00,000 or Rs 50,00,000 in a single year. A one-time Rs 50,00,000 remittance for investment carries a TCS of Rs 8,60,000 on the excess above Rs 7,00,000. That Rs 8,60,000 is refundable, but it ties up capital.

Directly buying US stocks and ETFs via LRS

Several platforms serve India-resident investors who want direct exposure to US-listed securities through LRS.

Indian-platform options: INDmoney, Vested Finance, Groww International, Stockal, and ICICI Direct's US equity platform all offer LRS-based investment in US-listed stocks and ETFs. These platforms handle the Form A2 paperwork with your bank, the remittance, and custody of the US securities. They typically charge a remittance fee or foreign exchange spread on top of the standard bank charges.

Direct international brokers: Interactive Brokers offers accounts to India-resident individuals and is widely used for more sophisticated investors who want access to US options, bonds, and a broader ETF universe. Schwab's international account is available to certain residents depending on Schwab's current country eligibility. With direct brokers, the LRS remittance is a wire transfer from your India bank to the broker's receiving account, and you complete Form A2 at your bank for each remittance.

What you can buy through LRS: any security listed on a US exchange, including individual stocks (Apple, Microsoft, Alphabet, Infosys ADR), US-domiciled ETFs (VTI, QQQ, SPY, VOO, BND), and US-listed REITs. There is no specific restriction on asset class within equity and ETF categories.

One structural distinction matters for investors who also hold US person status (US citizens or Green Card holders who are simultaneously India resident). If you buy a non-US-domiciled fund through LRS, for example a UCITS ETF listed in London or an Ireland-domiciled index fund, you create a Passive Foreign Investment Company (PFIC) exposure under US tax rules. PFIC rules impose punitive US tax treatment on gains from foreign-domiciled pooled investment vehicles held by US persons. For an India-resident individual who is not a US person, PFIC is irrelevant; it is a US tax concept that does not apply. But for a returning NRI who holds dual nationality or a Green Card, buying UCITS ETFs via LRS is a meaningful risk. The safe approach for US persons is to stick to US-domiciled ETFs (VTI, VOO, SPY), which are not PFICs. The guide on this site covering the PFIC trap in Indian mutual funds for US-person NRIs goes into more detail on PFIC mechanics.

Indian international feeder funds: the alternative to direct LRS

If the TCS cash flow drag makes LRS remittances unattractive for your investment size or timeline, Indian-listed international feeder funds offer an alternative route to global equity exposure without requiring any LRS remittance.

These are SEBI-registered mutual funds based in India that invest in foreign equities or foreign-domiciled funds. Examples include Motilal Oswal NASDAQ 100 ETF (MON100), Mirae Asset NYSE FANG+ ETF, Franklin India Feeder US Opportunities Fund, and HDFC International Advantage Fund. You buy units through your India demat account like any domestic mutual fund. No foreign remittance, no TCS, no Form A2.

The tax treatment of these funds has changed twice in the last three years, and you need the current position.

Finance Act 2023 removed the Long Term Capital Gains benefit from debt funds and also affected international funds: funds investing more than 35% outside India lost LTCG treatment and gains were taxed at the applicable slab rate regardless of holding period. This made many international feeder funds significantly less tax-efficient.

Finance Act 2024, effective from July 23, 2024, partially restored LTCG treatment: international funds investing more than 35% outside India now qualify for LTCG at 12.5% for holdings exceeding 24 months. For holdings up to 24 months, gains remain taxable at slab rate.

The practical comparison for FY 2025-26 and FY 2026-27:

• Indian feeder fund, held more than 24 months: 12.5% LTCG, same as direct LRS-bought US ETF held more than 24 months.
• Indian feeder fund, held less than 24 months: slab rate.
• Direct LRS-bought US ETF, held more than 24 months: 12.5% LTCG.
• Direct LRS-bought US ETF, held less than 24 months: slab rate.

The tax treatment is now broadly similar for the LTCG holding period. The difference lies in the currency mechanism (domestic feeder funds manage the USD-INR translation internally; direct LRS means you hold actual USD assets) and in the TCS friction on the initial LRS remittance. For smaller portfolios below Rs 7,00,000 per year, or for investors who prefer not to manage a foreign brokerage account, Indian feeder funds remain a clean option. For larger allocations where the investor wants direct dollar-denominated holdings, LRS is typically preferred.

International feeder fund investors do not file Schedule FA for those holdings because they hold Indian mutual fund units, not foreign assets. This simplifies the ITR filing obligation.

India tax on LRS investment returns

Understanding the Indian tax treatment of returns from LRS-funded foreign investments is essential before you commit capital. There are three categories to track: dividends, capital gains, and the interaction with foreign withholding tax.

Foreign dividends

Dividends received on US stocks or ETFs held via LRS are taxable in India as income from other sources at your applicable slab rate. There is no concessional rate for foreign dividends. The US withholds tax on dividends paid to Indian residents at 15% under the India-US Double Taxation Avoidance Agreement (Article 10).

The 15% US withholding is creditable against your India tax liability. The mechanism is:

1. The US broker withholds 15% before crediting the dividend to your account.
2. You report the gross dividend (before withholding) in Schedule FSI of your ITR.
3. You compute the Indian tax on that dividend at your slab rate.
4. You claim the 15% US withholding as a foreign tax credit in Schedule TR.
5. Critically: Form 67 must be filed before the ITR due date (typically July 31 for non-audit cases). Filing Form 67 late can result in disallowance of the foreign tax credit.

If your India slab rate is 30% and US withholding is 15%, you pay the remaining 15% in India. If your India slab rate is lower than 15% (unlikely for most in this demographic but possible), the credit is capped at the Indian tax, and you cannot claim a refund of the US withholding from the US side.

Capital gains on US stocks and ETFs

For LRS-funded foreign assets, the holding period and tax rate under Indian law from FY 2024-25 onward (Budget 2024, Finance Act 2024, effective July 23, 2024) are:

• Long-term (held more than 24 months): 12.5% LTCG, no indexation benefit.
• Short-term (held 24 months or less): taxable at slab rate as income from capital gains.

Prior to July 23, 2024, the LTCG rate on foreign assets was 20% with indexation. The Budget 2024 change lowered the rate to 12.5% but removed indexation. For long holding periods with significant dollar appreciation, the absence of indexation is largely irrelevant. For shorter holds in an inflationary environment, it is a less favourable position than the old rule.

Capital gains on LRS-funded foreign assets must be reported in Schedule CG of your ITR under the appropriate sub-head. Unlike Indian equity capital gains, there is no basic exemption limit that benefits NRI filers specifically for these gains from FY 2023-24 onward.

Foreign tax credit mechanics

Capital gains on US stocks or ETFs are generally not taxable in the US for non-US-resident shareholders (though the specifics depend on source country rules for the capital gain). If there is no US tax on the capital gain, there is no foreign tax credit to claim, and the full Indian LTCG or STCG applies.

If you have capital gains on assets in a jurisdiction that does impose a capital gains tax, the same Form 67 mechanism applies: report gross gain in Schedule FSI, claim the foreign tax in Schedule TR via Form 67, and net the credit against India's tax on that gain.

Annual reporting obligations: Schedule FA, Schedule FSI, Schedule TR

Holding foreign assets through LRS generates mandatory annual reporting in your ITR. Missing or incorrect disclosure is not a minor clerical issue. Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, non-disclosure of a foreign asset carries a penalty of Rs 10,00,000 per year of default, with prosecution possible in serious cases.

The obligations apply from the first year you are Resident and Ordinarily Resident. RNOR filers are not required to file Schedule FA, but their RNOR status is finite, and the clock starts the moment ROR begins.

Schedule FA (Foreign Assets)

Every ROR individual must disclose all foreign financial accounts, equities, trusts, and immovable property in Schedule FA, even if those assets generated no income during the year. For a US brokerage account funded via LRS:

• Report the account holder details, account number, bank name, peak balance during the year, and closing balance.
• Report each equity holding: name of the security, number of shares, cost of acquisition, and fair market value at year end.
• Report any foreign bank account used to receive the LRS funds before they were invested.

Schedule FSI (Foreign Source Income)

Report all income received from foreign sources: dividends, interest, rental income, and any other income from the foreign holdings. Report the gross amount before foreign tax deduction.

Schedule TR (Tax Relief) and Form 67

For any foreign tax paid on income also taxable in India, file Form 67 before the ITR due date. Report the country, the income, the Indian tax, and the foreign tax credit claimed. The credit is limited to the lower of the foreign tax paid or the Indian tax payable on that income.

The NRO-to-LRS flow: step by step

This is the end-to-end mechanics for a returning NRI who wants to start using LRS for investment.

Step 1: confirm residency change under FEMA. When you return to India and become resident, notify your bank. Under FEMA, you are required to do this within a reasonable time. The bank redesignates your NRO account to a resident savings account.

Step 2: verify your KYC on the resident account. Some banks require refreshed KYC for the redesignated account. Complete this before initiating any LRS.

Step 3: choose your investment platform. If using an Indian platform like INDmoney or Vested, open an account there; they will guide you through the LRS paperwork. If using a direct international broker like Interactive Brokers, open your account directly and obtain the broker's remittance details.

Step 4: complete Form A2 at your bank. This is the LRS declaration. You specify the purpose of remittance, the beneficiary (your broker's account), the amount, and certify that the transaction is permissible under FEMA. Your bank is required to collect TCS at the time of this step for investment remittances above Rs 7,00,000 in the year.

Step 5: the bank sends the wire in USD (or the relevant foreign currency) to your broker's receiving bank account. The broker credits your brokerage account after funds clear, typically within 1 to 3 business days.

Step 6: buy the target securities in your brokerage account.

Step 7: annually, update your ITR with Schedule FA (the foreign account and holdings), Schedule FSI (income received), Schedule TR and Form 67 (foreign tax credits). This is ongoing as long as you hold the foreign investment.

Worked example: Pooja's LRS investment in FY 2026-27

Pooja is 42 years old. She returned to India from Singapore in late 2024 after 15 years abroad. In FY 2025-26 she was RNOR. In FY 2026-27 she is also RNOR. She has Rs 25,00,000 in her resident savings account (formerly NRO) and wants to invest in US equity for long-term wealth building. She decides to invest USD 25,000 via LRS through the INDmoney platform and buy VTI (Vanguard Total Market ETF).

The remittance and TCS calculation for FY 2026-27

Exchange rate assumed: Rs 83 per USD.

Remittance amount: USD 25,000 = Rs 20,75,000.

LRS threshold before TCS applies: Rs 7,00,000.

Amount subject to 20% TCS: Rs 20,75,000 minus Rs 7,00,000 = Rs 13,75,000.

TCS at 20%: Rs 2,75,000.

Effective amount reaching Pooja's US brokerage account: USD 25,000 (the TCS is collected by the bank separately from the principal remittance; it does not reduce the amount sent).

Pooja remits Rs 20,75,000 from her resident account. Her bank collects Rs 2,75,000 as TCS and deposits it with the government under Pooja's PAN. Pooja's bank account is debited Rs 23,50,000 in total.

Claiming the TCS back

Pooja's India-sourced income in FY 2026-27 is Rs 8,00,000 from fixed deposits and salary consulting. Her tax liability at the applicable slab (after standard deduction) is approximately Rs 65,000. The TCS of Rs 2,75,000 far exceeds her tax liability, so she is entitled to a refund of Rs 2,10,000 (Rs 2,75,000 TCS minus Rs 65,000 liability). She files her ITR by July 31, 2027, and can expect the refund within 12 to 18 months.

RNOR and the dividend question

VTI pays approximately 1.4% in annual dividends. On a USD 25,000 position that is approximately USD 350, which at Rs 83 is Rs 29,050. The dividend lands in Pooja's INDmoney account (held in the US brokerage).

Pooja is RNOR in FY 2026-27. Foreign-sourced passive income for an RNOR is generally outside India's tax net. However, there is interpretive ambiguity about investment income sitting in a US brokerage account that the RNOR controls from India. The technically conservative position is to report the dividend income in Schedule FSI and pay tax at slab rate; claim the 15% US withholding as a credit via Form 67. This avoids any dispute about whether the income is "received in India" or accrues in India through Pooja's effective control.

When Pooja sells: the LTCG calculation

Assume Pooja sells her VTI in FY 2029-30, after becoming ROR. She held the position for more than 3 years (more than 24 months). The gain qualifies for LTCG treatment at 12.5%.

Original investment: USD 25,000. Value at sale: USD 35,000 (40% total return over approximately 3 years at roughly 12% CAGR). Capital gain: USD 10,000. Converted to INR at Rs 83: Rs 8,30,000.

India LTCG tax at 12.5%: Rs 1,03,750.

No US capital gains tax applies to Pooja as a non-US person on US ETF gains in the ordinary case (US does not tax non-resident capital gains on portfolio investments under the portfolio interest exemption principle). No foreign tax credit is available, and no Form 67 is required for this gain.

Total India tax on the gain: Rs 1,03,750 on Rs 8,30,000 gain. The original Rs 2,75,000 TCS collected in FY 2026-27 was already credited against her earlier ITRs.

Edge cases

Using LRS during RNOR versus waiting until ROR

There is no tax-driven reason to wait until you are ROR before starting LRS investments. RNOR filers can use LRS. The TCS mechanics are identical. The reporting obligation is lighter during RNOR (no Schedule FA required), and foreign income during RNOR may be outside India's tax net, which is arguably better. If you plan to invest via LRS, starting during your RNOR years is generally more favourable than waiting.

The USD 250,000 limit and offshore accounts you already hold

LRS remits money from India outward. It does not apply to money you already held abroad before returning to India. If you have a Singapore brokerage account with USD 200,000 that you accumulated as an NRI, that is not an LRS account; it is a foreign account you held as a non-resident. Once you become ROR, you must report it in Schedule FA. The LRS limit does not cap how much you can hold in that pre-existing account. It only governs new outward remittances from your India accounts.

Joint investment accounts abroad

If you open a joint LRS-funded brokerage account with your spouse, both being India residents, each person's contribution counts against their individual LRS limit. The tax reporting in India follows the proportionate ownership of the account.

The 20% TCS for a minor

Minors have their own individual LRS limit of USD 250,000. A parent or guardian can remit on their behalf. TCS still applies at 20% on investment remittances above Rs 7,00,000. The TCS is credited to the minor's PAN, and the minor's ITR (typically filed by the parent) claims the credit. If the minor has no income and no tax liability, the entire TCS becomes a refund, with the same 12 to 18 month wait. For minors, the TCS drag is particularly inefficient because there is rarely any tax liability to absorb it.

LRS for property purchase abroad

LRS can fund a foreign property purchase within the USD 250,000 limit. The TCS rate for property purchase via LRS is 20% on the excess above Rs 7,00,000, same as for investment. Indian tax treatment of rental income from foreign property follows the same slab-rate rules as other foreign income. Capital gains on sale of foreign property held for more than 24 months qualify for 12.5% LTCG treatment. This is a specialist area and worth a separate discussion with a CA given the valuation and repatriation questions involved.

Using LRS while also claiming DTAA benefits

LRS remittances go outbound from India. DTAA (Double Taxation Avoidance Agreement) benefits apply inbound, to income arising abroad that would otherwise be double-taxed in India. The two are not in conflict. You use LRS to send money out and invest. You use the DTAA (via Form 67 and Schedule TR) to claim credit for tax paid abroad on the income that investment generates. They operate on different legs of the same transaction.

What happens if LRS limits are reduced

The USD 250,000 limit has been stable since 2013. There is no current proposal to reduce it. However, LRS rules are an RBI/FEMA matter and can change by circular without legislative amendment. If you are making large multi-year investment plans based on the current limit, treat the USD 250,000 as a parameter that should be rechecked each year rather than a permanent guarantee.

The closing read

LRS is a well-designed mechanism, and the USD 250,000 limit is large enough to accommodate meaningful annual investment for most returning NRIs and India-resident individuals. The conceptual simplicity of the scheme, fill out Form A2, wire the money, buy the ETF, holds up well in practice.

The real friction is the 20% TCS on investment remittances above Rs 7,00,000. For someone remitting Rs 20,00,000 to Rs 30,00,000 a year, the TCS is a genuine cash flow burden even if it is ultimately recoverable. The practical response is not to avoid LRS but to plan ITR filing with sufficient advance tax so that the TCS credit absorbs the liability, and to size remittances in a way that keeps the annual TCS outflow manageable relative to your expected refund timeline.

The bigger structural point is that LRS and Indian international feeder funds now have broadly similar Indian tax treatment at the LTCG horizon. The choice between them is less about tax rates and more about operational preference: direct dollar-denominated holdings versus rupee-denominated units in a domestic fund. Direct LRS investments require a foreign brokerage account, foreign currency management, Schedule FA disclosure, and slightly more complex ITR work. Feeder funds involve none of that. For a returning NRI who already ran a foreign brokerage account for fifteen years, the LRS route is not intimidating. For someone rebuilding India familiarity and wanting simplicity, feeder funds are a reasonable starting point.

One thing that does not belong in anyone's plan is using LRS casually without tracking the cumulative annual limit. The Rs 7,00,000 TCS threshold and the USD 250,000 annual ceiling both reset on April 1. Keep a running log. And ensure every foreign account opened via LRS appears in Schedule FA from your first ROR year. The Rs 10,00,000 penalty for non-disclosure is not theoretical.

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Cross-references

• NRI Investing in International Feeder Funds from India
• US NRI Indian Mutual Funds: The PFIC Trap
• RNOR Window: Reset Foreign Investment Basis Tax-Free
• NRO Account Repatriation Guide
• NRE Account Interest Taxation
• NRI Return Financial Transition
• RNOR Tax Planning for the Returning NRI
• FBAR and FATCA Reporting for NRIs
• India LTCG and STCG Rules for NRIs
• NRI Direct Equity Investing in India
• NRI Crypto and Cross-Border Guide
• Tax-Efficient Investing for NRIs

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Disclaimers: LRS rules, the annual remittance limit, TCS rates, and permitted transaction categories are governed by RBI/FEMA circulars and Finance Act provisions that change frequently. The TCS rates cited here (20% for investment remittances above Rs 7,00,000) were effective from October 1, 2023. The LTCG rates (12.5%, no indexation, 24-month threshold for foreign assets) reflect the Finance Act 2024 changes effective July 23, 2024. International fund tax treatment changed with Finance Acts 2023 and 2024. Verify the current LRS limit, TCS rates, and LTCG treatment with your bank and a qualified CA before remitting. The worked example uses illustrative exchange rates and investment return assumptions; actual outcomes will differ. This article is general information only and does not constitute investment, tax, or legal advice.