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kengolive

reporting to IRS

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hi fellows

the question is: when to report your assets to IRS?

now, consider me as a dv winner who hopes to get visa and live in the states; when should i report my whole assets to IRS? first time entering US? before first year of residency?

as i know, i don't have to pay taxes for assets owned BEFORE being a US resident, is that true?

so, do i have to report my properties IN A CERTAIN PERIOD OF TIME? or this is not an issue at all?

anyway, wish success for every person regarding interviews and living abroad,

ken

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You are required to file your taxes for the year you become a permanent resident of the US which usually takes place in the following year. Suppose you get your visa and travel to the US in 2015. You will need to file your income tax for the year 2015. The filing will take place in 2016.

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There is no tax on owning assets as you seem to imply? You are taxed on income on those assets, and capital gains of you sell them.

Reporting requriements for FBAR are cash and securities accounts, if over a certain minimum in aggregate (I can't remember what the threshold is) then you need to report all accounts even if an individual one is below the limit. But the requirements are all clearly spelt out on the IRS website.

Edited by SusieQQQ

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There is no tax on owning assets as you seem to imply? You are taxed on income on those assets, and capital gains of you sell them.

Reporting requriements for FBAR are cash and securities accounts, if over a certain minimum in aggregate (I can't remember what the threshold is) then you need to report all accounts even if an individual one is below the limit. But the requirements are all clearly spelt out on the IRS website.

thanks susie

assets are cash and property(house). i want to sell my house so i can transfer the funds to US. then i have to pay taxes because i Sold my house?!

of course i pay taxes for selling in my home country

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The FBAR is a report on Foreign financial accounts if all totaled exceed $10,000. A house you own does not go on the report. It is also not part of the tax return. It is mailed to the US Treasury or submitted online.

If you enter the US in 2015, and have more than $10,000 in financial accounts, then your balances in foreign bank accounts during 2015 must be reported by June 30, 2016.

If you want to sell a house, then do it before becoming a permanent resident (greencard). The US taxes any gains you made on the house sale. (Difference between what you paid for the house and what you sold it for). If you sell the house before entering the US, then you owe no tax on it to the US. And it gets real complicated after you are resident in the US to figure out all the details on the tax situations for selling a foreign asset.

There is another form to fill out if your assets exceed $50k single or $100k married. Look up FATCA for what assets are included. 2015 assets are reported by April 15, 2016 with the tax return.


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