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Recent Tax Treaty questions

I live in israel and fly often to the US my friends r alwais

i live in israel and fly often to the USmy friends r alwais asking me to buy mega million or powerball lottery or others.is this legal?is a fourner allowed to buy and win?is it legal to take it out of the US?

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Zoey, JD

Doctoral Degree

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to Guillermo J.Senmartin!!!Dear Mr. Lawyer!I know that

to Guillermo J.Senmartin!!!Dear Mr. Lawyer!I know that there are for US citizens abroad a tax allowance for the income to which no taxes are to be paid in the States.My question is, how much is this exemption for US citizens?best regards

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Guillermo J. Senmartin, Esq.

Attorney At Law

Juris Doctor

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My mother in low is selling a house in Russia (Moscow) for

My mother in low is selling a house in Russia (Moscow) for around $300K - $350K and she would like to transfer the money to US to purchase a house here in NYWould you be able to tell me what's my cheapest possible way to get it over here?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,576 satisfied customers
I am a USA & UK citizen; I want to sell my principal residence

I am a USA & UK citizen; I want to sell my principal residence in London but the USA and CA will insist on capital gains on the entire sales price since i no longer qualify for 121 bill $500,000 tax relief. ( I have rented my home out for over 3 years). Since the tax will mean I have no money to live on when i retire my only remaining option seems to be expatriation on an agreed date.What are the terms of expatriation re my future ability to visit or live in the USA? How long does the repatriation process take? How much does it cost? I will not have any exit tax to pay as I have no assets in the usa.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,576 satisfied customers
Hi,I am Canadian and I own 50% of a house in USA. If I have

Hi,I am Canadian and I own 50% of a house in USA. If I have a will in Canada will it cover the property in USA or should I make a separate will for USA property. What are the tax implications.ThanksJane

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,576 satisfied customers
I have questions on taxes. Im a non American married for

I have questions on taxes.I'm a non American married for 40 years to an American. I want to get my green card soon as my family business is closing back home. However my major asset is my share of the building that the company we in, and until we can sell the building, I don't have that as a liquid asset. Is there a legal way that I can go ahead and apply for my green card, and whenever the property is sold, (in this economy that could be years,) not have to pay U.S. taxes on my share? (I already will have to pay taxes on the sale to my government back home.)I do have an option of going back to school (I studied in the U.S. and quit college to get married, one year short of my BA degree.) I could apply for a student visa and finish my education, which I want to do regardless of my immigration status in the future.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,576 satisfied customers
Dears, Im an alien (non USA) resident with property in USA

Dears, I'm an alien (non USA) resident with property in USA (Chicago, Ilinois) which I have just purchased. Property will be rented through management company (Chicago IL) and will generate income. Funds will go on trustee account with management company. I'm wondering if it would be better to establish LLC to limit personal liability and for tax purposes. Another question is whether to establish LLC in Ilinois where the property is or in any other state like Wyoming, Delaware where taxes on income are lower -I suppose? Thank you, Matt

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ScottyMacEsq

Doctoral Degree

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A French national has held a US green card for more than a

A French national has held a US green card for more than a dozen years which he has used exclusively to facilitate short visits from France to the U. S. for vacations. Under the tie-breraker rules of the U.S. income tax treaty with France, he would certainly be considered a resident of France. Under the green-card rules, he would be considered a U. S. resident for income tax purposes. Which rule would prevail?

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Alex J. Esq.

Managing Attorney

Doctoral Degree

21,874 satisfied customers
I have a question about international taxes. I was living in

I have a question about international taxes. I was living in the Netherlands in 1993 when I got laid off. The company I worked for gave me a "golden handshake"--14 months salary. This was invested in term life insurance, and the term is coming to an end in November. The company I invested it with proposes to pay it off periodically--probably monthly--for the rest of my life. The question is, which country gets the taxes, the USA, where I now live, or the Netherlands. Neither the tax authorities in the Netherlands nor my tax adviser hear have been able to give me an answer so far.Dan Maxwell

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LegalEagle1

Attorney

Doctoral Degree

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