How to transfer property after immigrating to the United States

About the transfer of assets, the American tax law has different taxation provisions for three categories of people, namely, American citizens, green card holders and non-resident foreigners. Here's how to transfer property after immigrating to the United States. Welcome to read!

How to transfer property after immigrating to the United States

Rational use of annual allowance:

According to the tax law, everyone can give 14000 USD to anyone every year, and any property gift below this amount does not need to pay gift tax. If a couple has two minor children, each child can get $28,000 a year, and the two children can get $56,000 without paying taxes.

In this way, in 10, the property transferred by parents to their children can reach $560,000, which is not a small sum. If the money is used for investment, the investment income and principal belong to the children's property. At this time, the money earned falls into the pocket of the child, so there is no need to pay the gift tax.

Rational use of gift tax;

In the United States, the gift tax means that those who give money pay taxes, and those who receive money don't have to pay taxes. If parents don't have American citizenship or green card status, then their remittances don't need to pay gift tax. However, there are certain regulations on the overseas funds received. If the amount exceeds $6,543,800+,you must fill in the 3520 tax form for declaration, but declaration does not mean paying taxes. Because the declaration system is convenient for the IRS to keep records and know where your money comes from.

The principle of unlimited marriage deduction:

American tax law stipulates that the transfer of property between husband and wife is not subject to the restriction of annual tax exemption (but both husband and wife must be American citizens), because American law defines husband and wife as a single economic entity, and there is no restriction on the transfer of property between husband and wife. This unlimited marriage deduction is a preferential policy for American citizens. Since permanent residents are essentially foreigners, "Uncle Sam" will treat them differently. If both husband and wife have green cards and become permanent residents, they can come to the United States unimpeded, but they do not enjoy unlimited marriage deduction. If one of them dies, even if all the property is left to the surviving spouse, if the spouse wants to get the inheritance, he must pay the inheritance tax first, instead of waiting for the inheritance to be passed on to future generations.

American tax laws are very unfavorable for non-American citizens to inherit American citizens' heritage. In marriage, there are two other situations that will have different results on inheritance, depending on whether American citizens leave or inherit. For example, if the husband is an American citizen and the wife immigrates to the United States from the mainland, she only has a green card. When the husband dies, the wife does not enjoy unlimited marriage deduction. A wife from the mainland can inherit the inheritance left by her husband, but only if the wife from the mainland pays the inheritance tax immediately after deducting the inheritance allowance, otherwise "Uncle Sam" will not let the green card holder inherit any inheritance.

Buy life insurance:

The ultimate goal of buying insurance for oneself, spouse and children is to make the property continue smoothly. For example, many people may not leave their children more than one million dollars in their lifetime. If you buy a life insurance policy with a coverage of $1 million, it is equivalent to leaving a child with $1 million in cash. And the beneficiaries of life insurance claims do not have to pay income tax or inheritance tax.

With the property planning of China investors, many people have realized the benefits of overseas insurance.

Further Reading: Frequently Asked Questions about American Immigration

Can I take meat products to America?

First of all, fresh, dry or canned meat products are generally not allowed to be brought into the United States. The rules in this regard are very strict. However, if these products are cooked and can be put on shelves (no refrigerator is needed), packed in cans or other sealed containers, and come from countries that have not been affected by various major epidemics (such as mad cow disease), they may be allowed to enter the country, but it still depends on the latest development of global epidemics. Second, even if you believe you can carry it, you must declare it to CBP. If you don't declare, you may face a fine of $65,438+0,000.

Can I bring fruits or vegetables into the United States?

Some fruits or vegetables may carry agricultural pests and diseases, so it is forbidden to enter the country. Like meat, you must declare the fruits or vegetables you bring to CBP, whether they are allowed to enter the country or not.

What foods are allowed to be brought into the United States for my personal consumption?

Generally, the following foods can be imported for your personal consumption: meatless condiments, olive oil and other vegetable oils, bread, biscuits, cakes, candy, chocolate, cheese, canned foods other than meat, fish for personal consumption, dried fruits, liquid milk and dairy products for infants or children, canned fruit juice, tea, coffee, honey, noodles and rice.

Can I take cigarettes to America for personal use?

You can carry 100 cigarettes at most. More cigarettes may also be allowed to enter the country, but they must be taxed.

Can I bring wine to America for personal consumption?

For those over 2 1 year old, each person is allowed to carry 1 liter of wine, duty-free. If you bring more wine, you may be suspected of selling wine, and CBP officials may ask you to provide an import license.

Extended reading: articles are prohibited from entering the United States.

1. Those who carry USD 1000 or more in equivalent currency must fill in the US Customs Declaration Form truthfully, otherwise they will be detained. Don't worry, you won't be charged for reporting, just register. The United States is a country without foreign exchange control. Gold used to be limited, but now it is gone. All kinds of gold coins and gold bars can be used, and the quantity is not limited.

2. Pirating American books, audio recordings, videos and counterfeit products, including counterfeit American clothes, shoes and hats, electronic products, etc. , is strictly prohibited. Once found, the fine can be as high as thousands or even tens of thousands of yuan, and even corrupt officials.

3. The size of liquid, spray or hair spray container in hand luggage must be equal to or less than 100 ml. All containers must be sealed in a transparent plastic bag with a capacity of one liter, and each person is limited to one plastic bag. The capacity of plastic bags shall not exceed 1 l, that is, about 20 * 20cm or 15 * 25cm. When you arrive at the security checkpoint, you must hand over any liquids, sprays and hairspray you still carry with you, including such duty-free goods. Containers exceeding 100 ml should be packed in checked baggage or taken away. Half-full containers with capacity exceeding 100 ml cannot be carried. The new regulations will also increase random body searches during security inspection.

4. Every adult can bring 0.95 liter of wine into the United States duty-free, or 300 cigarettes or 50 cigars, or 1.35 kg of tobacco leaves (not produced in Cuba) duty-free. When these goods exceed the quota enter the country, they must pay excessive customs duties.

5. All kinds of meat, unprocessed leather or animal fur shall not be brought into the country without permission. All chickens, ducks, geese, pigs, cows, sheep, deer and horse meat are not allowed. Whether it is sealed or vacuum, dozens of plastic bags are still covered, whether you are floss, sausage or moon cakes, biscuits, ham, canned bacon, sauced meat, fresh meat, bacon, dried meat, patties, jiaozi with minced meat, instant noodles with meat, canned fish with pickled vegetables, roe and fish. American customs officials seem to be particularly sensitive to China meat. It is said that most people know the Chinese character "meat", and their eyes turn blue at the sight of this word.

6. Do not bring any fresh fruits, vegetables, plants, seeds or plant products into the country. Special needs must be approved. This regulation is implemented because not only the United States, but also many countries in the world are making great efforts to prevent insects and plant diseases and insect pests from spreading from one country to another. So insects are not allowed to be brought into the United States except specimens. Articles that cannot be brought into the United States include: medicinal liquor, bird's nest, purple glutinous rice, peanuts, dairy products (including milk, instant milk tea, toffee, dairy desserts, cheese and cheese products) and canned food.

7. Commonly used Chinese and western medicine prescriptions can be carried through the security checkpoint, but sometimes you may be asked to show proof of demand. Traditional Chinese medicine products must be non-parasitic plants. Rare Chinese herbal medicines such as snake gall, leopard bone, tiger skin and velvet antler. It belongs to protected animals and is forbidden to be brought into the United States. Parasitic plants such as dodder and Dendrobium are also banned, including cocaine, and traditional Chinese medicine tangerine peel is also banned.

8. Products from certain countries sanctioned by the United States, including products from North Korea or Cuba, cannot be brought into the United States.

Bring contraband without knowing the situation. If you bring something illegal, as long as you report it, it is generally confiscated and there are few fines. If you don't report it, if you are found, you may even go to jail. I would also like to remind you that the admission requirements in the United States will also change. For example, recently, after the 9 1 1 incident, the US Transportation Security Administration allowed passengers to carry knives with a length of no more than 2.36 inches and a width of no more than 0.5 inches on the plane for the first time.