질문하기
답변일
7/28/2010 6:52:21 PM
QUOTE 'How does obtaining American citizenship affect partial ownership of an estate in Korea?"---Yo bud, as a U.S. citizen or resident alien, u must report income from all sources within and outside of the U.S ( in this particular case, from ur estate in Korea). This is true whether or not u receive a Form W-2 Wage and Tax Statement, a Form 1099 (Information Return) or the foreign equivalents.
"If the estate is sold before the citizenship, how does tax issue come into picture regarding the money account being transferred to this country?"---U r not subject to taxes to IRS on ur income generated from holding ur capital assets,i.e., stocks, bonds, or personal use goods, and personal residence in Korea
"If the estate is sold after the citizenship, how does tax issue come into picture regarding the money account being transferred to this country?"---Then as mentioned above, u as a U.S. citizen or resident alien, the rules for filing income, estate and gift tax returns and for paying estimated tax are generally the same whether u are living in the U.S. or abroad.
for further info.on income taxation issues or rules, please refer to the irs pub.593.
hopethis helps,bud~~~
"If the estate is sold before the citizenship, how does tax issue come into picture regarding the money account being transferred to this country?"---U r not subject to taxes to IRS on ur income generated from holding ur capital assets,i.e., stocks, bonds, or personal use goods, and personal residence in Korea
"If the estate is sold after the citizenship, how does tax issue come into picture regarding the money account being transferred to this country?"---Then as mentioned above, u as a U.S. citizen or resident alien, the rules for filing income, estate and gift tax returns and for paying estimated tax are generally the same whether u are living in the U.S. or abroad.
for further info.on income taxation issues or rules, please refer to the irs pub.593.
hopethis helps,bud~~~
