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If someone sells Japanese stocks from the US and wires the

funds from Japan to their...
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.
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Answered in 4 minutes by:
10/14/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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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!
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Customer reply replied 4 years ago


Can I ask another question re: Japan?

Jim,

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

Thanks!

Megan
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Customer reply replied 4 years 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?


 


 

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
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Customer reply replied 4 years ago


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

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.
Ask Your Own Tax Question
Customer reply replied 4 years 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?

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!
Ask Your Own Tax Question
Customer reply replied 4 years 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

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!
Ask Your Own Tax Question
Customer reply replied 4 years ago


Thanks again Megan and have a great day!

You're welcome!
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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