Q 1: Once the green card of the United States is obtained, will the United States tax the global assets (including China) of green card holders?
A: This understanding is completely wrong.
First, let's introduce the definitions of assets and income. Assets are the wealth you have acquired from the past to the present, and the income is your investment income or salary, bonus and commission income in that year.
The global tax policy of the United States only targets personal income, not personal assets.
For example, suppose you have 20 million yuan of real estate for rent in China, and you get 2 million yuan of rent every year. Once you get the green card, the IRS will not ask you to pay taxes on the property assets worth 20 million RMB, but only declare the annual rental income of 2 million RMB.
Q2: Do I need to pay more capital gains tax after getting the green card?
A: After you get a green card, the United States has the concept of asset profits tax, but this asset profits tax only needs to be declared when you sell your assets. However, American tax experts suggest that reasonable tax savings can be achieved by selling assets before getting a green card or transferring them to a non-immigrant party, so that there will be no capital gains tax after getting a green card.
Question 3: The Overseas Account Tax Law (FATCA) requires other countries to provide IRS with investment income earned by American residents in that country and interest and dividend income from American assets, including bank account information, such as account balance, interest and payment destination. What impact will it have on green card holders?
A: The Overseas Account Tax Law (FATCA) only involves the information notification of bank account funds, not the notification of fixed assets such as real estate. Information notification and tax payment are two completely different concepts. You don't have to pay any taxes as long as you fill out one more declaration form.
Q4: Once you get a green card in the United States, do you have to pay American tax on all domestic income?
A: In fact, the United States has an annual tax allowance of nearly $90,000 for those who earn income overseas (there is a requirement to live overseas).
For example, if both husband and wife get a green card and each person earns $6,543,800+from China every year, then if they file tax returns separately, after deducting the tax allowance of $90,000, each person only needs to file tax returns for $6,543,800+every year. And this $10,000 can be deducted if you have paid taxes in China or have business expenses in the United States. After tax-free deduction, it is estimated that each person only needs to pay $65,438+0,000-2,000 per year.
Q5: After obtaining the American green card, does the China company of the green card holder have to pay American tax?
A: This is a completely wrong understanding. Global taxes in the United States are aimed at individual green card holders.
If the green card holder owns the shares of the China company, and the profits generated by the China company are not distributed to the green card holder through dividends, then the green card holder does not need to pay US tax on the profits of the China company he owns. For example, if the China company owned by the green card holder earns RMB 6,543,800+per year, but the green card holder, as a shareholder, does not transfer the company profits to his personal account in the form of dividends, then there is no need to pay US tax on the profits of China company of RMB 6,543,800+. The "Fat Cat" agreement has little influence on China Company.
The IRS has strict tax inspection. Once found out, is there any possibility of going to jail?
A: This statement has been misunderstood.
The IRS has questions about the cost of tax inspection. Generally, the number of spot checks every year is only 65438+ 0% of the total tax return. According to relevant data, the IRS focuses on high-income people, and the tax returns are reasonable, and the probability of discovery is relatively low.
Experts reminded that considering that high-income people generally have business profits retained by domestic companies, each couple has an annual tax allowance of 6.5438+0.8 million US dollars, plus domestic taxes and some American business expenses can deduct their income. If the annual domestic income of green card holders is less than 300,000 US dollars, they can hardly pay much US tax. In fact, they only pay about 6.5438+0.8 million-20,000 US dollars each year, accounting for only 5% of their income.
Green card holders earning less than $500,000 a year are unlikely to be taxed. For those who earn more than 500 thousand dollars a year, even if they find that the tax is insufficient, they just need to pay the tax and interest. It is the high-income people whose annual income is more than $6.5438+0 million who really become the key targets of the IRS.
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