Will insurance purchased in China be considered a tax-deductible asset after immigrating to the United States?

The United States’ global taxation policy targets personal income, not personal assets. Income earned in China before immigrating is not subject to U.S. income tax. After obtaining a U.S. green card, the United States adopts the principle of truthful declaration of global income. All domestic income needs to be truthfully disclosed in the tax form and tax calculations are performed, but this does not mean that tax will be paid. Xintong Immigration said that if your property in China is not sold or rented, that is, it does not generate income, you neither need to disclose nor pay taxes to the United States.

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