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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13124
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am a South Korean citizen who makes income from FOREX trading

Resolved Question:

I am a South Korean citizen who makes income from FOREX trading using a online U.K. broker. I am currently in the United States with a visitor's visa. If I deposit the money I made into my South Korean bank account and then wire transfer all that money to my U.S bank account, do I have to pay any U.S taxes? Since its over 10,000 do I just report it to the IRS with my U.S bank and not file any taxes?
Submitted: 3 years ago.
Category: Tax
Expert:  Robin D. replied 3 years ago.

Robin D :

Hello and thank you for using Just Answer,
If you are in the US as a visitor and are not a US resident for tax purposes then your income is not taxable to the US. You would not be reporting your income to the US nor would you report your account to the US.

Robin D :

The bank would have to report cash deposits that were over $10,000 but that is a reporting issue for money laundering issues and not for taxation.

Customer: replied 3 years ago.
Thanks, XXXXX XXXXX I gain a green card in the u.s. in the future? Would I have to pay taxes then?
Expert:  Robin D. replied 3 years ago.
Yes you would. Green Card holders are taxed just like US citizens on their worldwide income. The tax would not be retroactive though, so the IRS would not go back to an earlier time.
Customer: replied 3 years ago.
But I just found this statement from the IRS page, isn't forex trading "trade"? I just don't want to go to jail for not paying taxes

A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during the year. You must file even if:
Your income did not come from a trade or business conducted in the United States,
You have no income from U.S. sources, or
Your income is exempt from income tax.
Expert:  Robin D. replied 3 years ago.
You are not trading in the US you said the trading was in the UK. engaged in a trade or business in the United States during the year is the main part of that.
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