Immigration to the United States: Do I have to declare my domestic property?

For the property immigrated to the United States in China, undeclared property does not need to be taxed in the United States, and declared property does not need to be taxed as long as it does not increase in value. You don't need to declare all your property when you go. For more information, please refer to the following:

First, the basic tax policy of the United States

The United States is a developed country with a perfect tax system. According to the federal tax law of the United States, any American citizen, legal resident and temporary resident with social security card number must declare and pay taxes. According to the Detailed Rules for the Implementation of the Overseas Account Tax Law issued by the IRS, American citizens and green card holders with overseas assets of more than $50,000 need to report to the IRS, or they will face a fine of as high as $65,438+0,000. If it is not paid after being notified by the IRS, the fine will rise to $50 thousand.

The overseas assets that the United States requires to declare are not total assets, but specific financial assets, such as direct investment income, indirect investment income, business income, property capital gains, etc. And real estate is not declared. China green card holders don't have to worry about paying taxes on domestic properties in the United States.

Second, fulfill the tax obligation.

Immigration to the United States has a very strict process. After obtaining an American immigrant visa, the applicant needs to register in the United States within 180 days. On the day of landing in the United States, new immigrants began to fulfill their obligation to declare their property to the US government. Before becoming a permanent resident of the United States, all overseas non-value-added assets do not need to pay taxes to the US government. Only the value-added income that has been realized after landing needs to be declared to the US government and taxed according to law. Therefore, it is necessary to keep the proof documents of various sources of income and assets, and try to ensure the accuracy of the proof of the source of property to avoid false collection or fines.

For example, an applicant had assets of $6,543,800,000 in China before emigration, but he didn't make any money after emigration, so he didn't need to pay taxes after emigration. To put it simply, no matter how many assets you owned in China before you landed in the United States, as long as these assets have not increased in value after you immigrated, it has nothing to do with the US government. This rule is the key to tax planning.

3. There is no double taxation in China and the United States, and overseas income can be deducted.

The net income from long-term work or business abroad is tax deductible, which is called "overseas income tax credit". For example, the tax deduction of 20 1 1 in the United States is about $90,000. If the husband and wife live and work overseas together, they will be exempted from federal income tax of more than $6,543,808+0,800 per year.

China and the United States have reached an agreement to avoid double taxation. You paid taxes in China, but you don't need to pay taxes in the United States. For example, the corporate income tax in China is 20-25%, and then 20% of the dividends are distributed to individuals, making a total of nearly 40%. The individual income tax rate of American states is about 15-20%, so the tax paid in China can offset the part to be paid in the United States. In addition, the tax rate of profit income such as house purchase investment in China is 20%, while the tax rate of investment income in the United States is only 15%, so the part paid in China also offsets the part to be paid in the United States.