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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 638
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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We want to be a smart couple on tax planning. My fiancee

Resolved Question:

We want to be a smart couple on tax planning.

My fiancee' has cash and property assets in China and has not yet applied for her Green Card in the U.S. How do we report? Is there something like a one time declaration that is tax free amount for our marriage process in lieu of this naturalization process?

What are some common options to address this tax planning issue?
Submitted: 1 year ago.
Category: Tax
Expert:  Phillip B, EA replied 1 year ago.

Thanks for using JustAnswer.com! I will do my best to provide you with a clear and concise answer to your tax question based on the information that you have provided.

The fact that your fiancee has cash and property in China will not create a tax issue unless there is income (rent or capital gain) from the property, or interest she receives on the cash. She may need to file disclosure reports with the IRS about the cash (See FBAR, and Form 8938 )

If your fiancee is taxed as a US Resident Alien, she will need to report any income from the property that she holds in China. She will be taxed as a resident alien if you file a joint return with her after you are married. She will definitely be a resident alien after she has her green card (See this site on determining whether she is a resident alien or a nonresident alien)

Conversely, if she is a nonresident alien and you do not elect to treat her as a resident alien after you are married so that you can file a joint tax return. She will only report US source income on her US tax return. (See this site on nonresident alien taxes) Keeping non-resident status as long as possible may be beneficial if the income on the cash and property is substantial.

If this answers your question, please rate my performance between OK and Excellent service so that I may receive credit for my work. If there are other questions or concerns, please reply to this answer so that I may assist you further.

Customer: replied 1 year ago.

Hi, sorry Phillip for the radio silence. Thank you for your quick response! During the time she starts applying for her green card but has not received it, what is her tax status? If she wires in cash into a bank account in the U.S. does she have to report and be taxed for doing so?


 


Thanks.

Expert:  Phillip B, EA replied 1 year ago.
1.) If she has been in the US long enough to meet the substantial presence test, she will be taxed as a US resident filing a form 1040. Otherwise she will file as a US non-resident with her only US taxable income being income from US sources.

2.) She will not have taxable income if she wires her money into a US bank account. However, she may need to file a foreign bank account (FBAR) report and form 8938 if the balances in her foreign bank accounts exceeded 10,000 US dollars during the year and she qualifies as a US resident alien.

Let me know if this helps
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 638
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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