How to deal with domestic assets when immigrating to the United States

There are many things to do in immigrating to America. There are many things to deal with at home and abroad. Let's talk about how to deal with domestic assets before immigrating to the United States. Let's have a look.

Question 1: Is there a retrospective period for American inheritance tax?

According to the inheritance tax system in the United States, the tax is levied first and then distributed, that is, the estate administrator or executor must pay the relevant inheritance tax in cash within 9 months after the death of the property owner, and then the estate can be distributed. If you don't have the money to pay taxes, you can apply for an extension of payment, but it can't exceed 6 months.

Therefore, in the United States, it is necessary to pay the inheritance tax to the IRS within a certain period of time. If you don't pay in full within a certain period of time, not only will you not get the inheritance, but you may also have to pay a huge fine.

Question 2: I would like to ask, if assets are converted into cash and brought to the United States one after another, is it tax-free?

This depends on whether you are a US tax resident or not. If you are a US tax resident, selling your assets anywhere overseas depends on whether you make money or lose money after selling your assets. If you lose money, you don't need to be taxed. If you make money, you need to pay taxes according to the tax rate of the IRS.

Question 3:20 13 got the green card and hasn't logged in yet. I will land in America in May this year. Should I liquidate my assets by logging in? Another question is whether there is no need to file tax returns before landing.

First, become a tax resident of the United States after landing, and then start settlement.

Second, you don't need to file tax returns before landing, because you haven't become a tax resident in the United States, but it should be noted that you may become a tax resident if you stay in the United States for more than 183 days before landing.

Question 4: If my wife does it, I won't go, and then I will give her my assets. How to plan this tax?

This problem is more complicated, because everyone's situation is different, and his tax plan should be planned according to everyone's situation.

Question 5: Can you tell us more about how to set up a trust before emigration?

Basically, the structure of setting up a trust is quite complicated. I suggest you contact immigration consultants in Australia, Canada and the United States to plan for you according to the actual situation.

Question 6: As an American green card holder, if he sells his overseas property (for example, in China), is there a tax-free quota? Say it's 500 thousand

If it is self-occupied, there is a tax-free quota.

Question 7: If the wife and children do it and the husband doesn't go, is it unnecessary to tax the assets under the husband's name?

Mr. Wang didn't go to America to become a taxpayer. If all the assets are in Mr. Wang's name, there is no need to pay taxes or declare them.

Question 8: Is the loan part of real estate in China taxed according to the net value after sale?

The standard of paying taxes in the United States is based on your house price, not your loan. If you spend 6,543,800+0,000 to buy a house, regardless of the loan of 500,000 or 900,000, if you sell it at the price of 2 million, it means that you need to pay 6,543,800+0,000 capital gains tax. If it is sold for 900,000 yuan and the capital loss is 654.38+10,000 yuan, then there is no need to pay taxes.

Question 9: The woman's income is low. As the main lover, the man is not applicable. Should the woman sell all the value-added properties under her name before landing?

Yes, the woman should sell all the value-added properties under her name before landing and avoid paying capital appreciation income tax in the United States after landing.

Question 10: The income from the sale of the house by the woman is deposited into the domestic and overseas bank cards. Should this part of the property be certified and notarized by the bank before landing? Are these assets tax-free?

Australian, Canadian and American immigration consultants strongly advise those who intend to apply for immigration to the United States to make a list of all their assets before immigration, and if possible, as notarization.

Is this part of the property tax-free? Because this part of the property is the income generated by selling the house before you immigrate, that is, before you become a tax resident in the United States, you don't need to pay taxes.

Question 1 1: Is it tax-free for the man to remit money from China to the woman after her landing?

It is tax-free in principle. Because a foreigner who has no American nationality does not need to be taxed if he gives overseas property to Americans.

Question 12: Are there any restrictions on bringing cash to the United States as new immigrants?

It should be impossible to bring more than $654.38 million in cash into the country now.

Question 13: should I declare the income from life insurance I bought before emigration?

According to the current law, life insurance purchased before immigration does not need to be included in income.

Question 14: Is there a tax-free quota for selling after landing? Under what circumstances can this exemption be obtained? Because of the short landing time, although several suites have been sold, there are still several suites that have not been sold!

If the house is sold in accordance with the provisions of the US tax law for self-use residence, the profit from the sale can be fully or partially tax-free, with a maximum tax exemption of $250,000 (and $500,000 if married and an applicant for merger). When the profit exceeds the tax allowance, you need to pay income tax.

The following are the three conditions applicable to the main self-occupied housing allowance:

1. Satisfy the test of ownership (own the real estate for at least 2 years and 5 years before the sale date)

2. Meet the use test (5 years before the sales date, and have lived in the real estate for at least 2 years).

3. In the two years before the date of sale, the tax-free quota for the profits from the sale of houses has not been used.

Question 15: My question is that I may also apply for a green card in a year or two. What should I do with my assets in China, including stocks, trusts, real estate, deposits and insurance? How to bring assets to ensure the demand for housing? How to manage money?

Immigration experts in Australia, Canada and the United States reminded that it is best to transfer or sell domestic assets before landing in the United States to become tax-paying residents. If you have overseas assets, and the total amount is large, you can also consider setting up an overseas trust to put some or all of the overseas assets into the trust to achieve the effect of isolating assets. If you want to remit money from China to the United States, there are still restrictions, because according to the current regulations of the China Administration of Foreign Exchange, each person can only exchange 50,000 dollars a year, so you must make plans early. Because each family's situation and needs are different, detailed planning strategies still need one-on-one discussion to come up with suitable solutions.

Question 16: The lecture has just ended, and I have another question to ask my friend. He is an investment immigrant. He has got a green card but has not landed yet. He plans to land in April this year. Can you tell me whether he should declare tax from June 65438+1 October1or the landing date is June1June?

In fact, it is based on whether it meets the 183-day test and the green card test to determine the starting point for becoming a US tax resident. If your friend has not been detained for more than 183 days according to the actual detention test before landing in the United States, then the starting point for becoming a tax resident in the United States will be calculated from the day when he officially landed in the United States after obtaining a green card.