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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14068
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If someone sells Japanese stocks from the US and wires the

Resolved Question:

If someone sells Japanese stocks from the US and wires the funds from Japan to their US account what are the tax implication?

Thank you.
Submitted: 11 months ago.
Category: Tax
Expert:  Megan C replied 11 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

Is the person Japanese or US citizen/resident?

JACUSTOMER-ycqjqkub- :

Both Japanese & US resident

Megan C :

When you sell the Japanese stock, then you are also taxed in the United States as a capital gain.

JACUSTOMER-ycqjqkub- :

Hi Megan

Megan C :

Let me take a moment to review the tax treaty and see if there are benefits that would allow you to not recognize the gain

Megan C :

However, the simple act of wiring funds would NOT create a tax liability

JACUSTOMER-ycqjqkub- :

ok

Megan C :

So give me a moment to look at the tax treaty

JACUSTOMER-ycqjqkub- :

She has significant money in Japanese stocks in Japan and want me to check if she can bring the money over to diversify in a USa account.

Megan C :

Yes, she can bring the money over. There's no tax simply for transferring money

Megan C :

and according to Article 16 of the tax treaty, she would only be taxed in Japan on the capital gains derived from the sale of Japanese stock

Megan C :

CLICK HERE for the tax treaty

Megan C :

Do you have further questions about this matter?

JACUSTOMER-ycqjqkub- :

To recap. If she sells the Japan stocks in Japan she pays cap gains tax in Japan and no tax is due in the US?

Megan C :

That is correct, under article 16 of the tax treaty

JACUSTOMER-ycqjqkub- :

Thanks!

Megan C :

You're welcome. Is there anything else?

Megan C :

If not, please rate as "excellent" so that I may receive credit for assisting you today

JACUSTOMER-ycqjqkub- :

No. Have a good day!

Megan C :

You too. Please don't forget to rate!

JACUSTOMER-ycqjqkub- :

Will do..

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14068
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you
Expert:  Megan C replied 11 months ago.
Thanks, Jim for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today!
Customer: replied 11 months ago.


Can I ask another question re: Japan?

Expert:  Megan C replied 11 months ago.
Jim,

Sure, you can ask another question. I may not know the answer if it relates to Japan, but you can ask.

Thanks!

Megan
Customer: replied 11 months ago.

 


Thank you Megan. My question is whether the tax treaty applies if the person is a resident of the US with a Green Card and not a US Citizen. She resides in the US but is a citizen of Japan?


 


 

Expert:  Megan C replied 11 months ago.
Thank you for your follow up. Yes, the treaty applies whether or not she's a citizen or resident. She doesn't have to be a citizen to get treaty benefits.

Please let me know if you have further questions. If not, please rate as "excellent" so that I may get further credit for assisting you today
Customer: replied 11 months ago.


Thanks Megan! Just wondering if I can ask for you when I have other tax questions? You've been most helpful!

Expert:  Megan C replied 11 months ago.
Yes, you can ask for me - just put "for Megan C only" in the subject of your question.

Thanks again for being a valued JustAnswer.com customer.
Customer: replied 11 months ago.


Megan, I can't rate you on the follow up question as I would have to pay $30 more. I know I'll be "tapping" you for more questions. Is there any other way to give you credit for the follow up response?

Expert:  Megan C replied 11 months ago.
Rating and bonuses are the only way to give us credit for assisting. I am not sure how you would do a bonus after the fact. I don't know how the customer facing side of the question looks. Thanks!
Customer: replied 11 months ago.


Can I give you a another bonus without paying the $30? If not I'll make it up to you when I ask another question. Thanks again! Jim

Expert:  Megan C replied 11 months ago.
Jim,

I'm not sure. I don't know how that is set up on your side. If you wanted, you could ask customer service or like you said, just make it up when you ask a new question.

Thanks!
Customer: replied 11 months ago.


Thanks again Megan and have a great day!

Expert:  Megan C replied 11 months ago.
You're welcome!

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