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|Is there a relationship between tax and green card after immigration to the United States?
How to avoid tax?
Many wealthy people worry about the US global tax system before they emigrate to the United States, fearing that they will face a series of cumbersome and high tax problems after they get the US Green CarD.In fact, if you plan ahead, you will find that American tax is not so terrible.
Tax Needs for Immigrants to the United States 1. Do you have to pay taxes after immigrating to the United States?
The U.S. tax law stipulates that as long as a U.S. tax citizen, he has the right and obligation to pay taxes.
After immigrating to the United States, the holder of the green card becomes a tax citizen of the United States, so he must also pay taxes.
2. Will all assets in the world be taxed after immigrating to the United States?
According to the Implementing Rules of the Overseas Account Taxation Act issued by the National Revenue Service (IRS), American citizens and green card holders whose overseas assets exceed $50,000 must report to the IRS truthfully.
But the need to declare global income does not mean that global income is taxeD.The U.S. global tax policy is aimed at personal income, not personal assets.
Assets are accumulated wealth, while income is income from investment or wages, bonuses and commissions.
In short, no matter how many overseas assets you own (including China) before immigrating to the United States, as long as they do not add value after you immigrate, it has nothing to do with the U.S. government.
Only the value-added income that has been realized after landing needs to be declared to the U.S. government and taxed in accordance with the law.
3. Can overseas income be reduced after immigration to the United States?
Under the agreement between China and the United States to avoid double taxation, after immigration to the United States, green card holders do not have to pay duplicate taxes in the United States if their income in China has already paid taxes.
In addition, the United States has an annual "offshore income tax credit" for people who earn income from overseas.
The profits of companies set up by green card holders in China have nothing to do with the global tax payment in the United States, but if profits generated by companies are distributed to green card holders in the form of dividends, that is another matter.
Does taxation have anything to do with green cards?
Before paying taxes, the holder of the green card should confirm that he is judged to be a resident taxpayer or a non-resident foreign taxpayer according to his actual residence time in the United States.
If it is taxed by residents, it will not affect the continued holding of the green card; but if it is taxed as a non-resident foreign taxpayer who has lived in China for a long time and has no occupation or business activities in the United States, it will be considered that it has no intention to live in the United States for a long time, which seriously affects the maintenance of its green card status.
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