Assets Declaration
- Thread starter nourz
- Start date
If you move to Florida...there is no income tax...
I don't know much about the tax issues, since we have a CPA handling most of our taxes, but I do know that if your country is looking into your taxes over here to check if you are paying, they have the right to ask for your tax returns and if they see you filled out higher assets as before, you might be on the hook to be audited over there....so why lie on it?
BTW...When you get your GC, you feel you have to give back by starting to cheat the country that welcomed you? What a way of giving back to society....
I don't know much about the tax issues, since we have a CPA handling most of our taxes, but I do know that if your country is looking into your taxes over here to check if you are paying, they have the right to ask for your tax returns and if they see you filled out higher assets as before, you might be on the hook to be audited over there....so why lie on it?
BTW...When you get your GC, you feel you have to give back by starting to cheat the country that welcomed you? What a way of giving back to society....
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not a good idea
nourz,
you will be taxed on income earned, that means, the money that you brought in or transferred into the country are your assets and the income/interest generated from this asset will be taxed. at the end of the year, the bank which you have deposited the money into will send you a 1099 form which details the interest that you have earned and to fill in this amount in your 1040 tax returns.
you will be taxed on income earned, that means, the money that you brought in or transferred into the country are your assets and the income/interest generated from this asset will be taxed. at the end of the year, the bank which you have deposited the money into will send you a 1099 form which details the interest that you have earned and to fill in this amount in your 1040 tax returns.
Thank you all for your advice.
As I understand, the money declared and brought with me into US, will not be taxable as they are earned before becoming permanent resident.
I do not intend to make any false statements. However, I will be declaring all of assets: including property and foreign accounts.
I assume that any new income earned over and after this declared amount will be taxable - by State income tax (if any) and federal income tax.
of course any interest earned over my deposits after becoming PR will be taxable as well.
As I understand, the money declared and brought with me into US, will not be taxable as they are earned before becoming permanent resident.
I do not intend to make any false statements. However, I will be declaring all of assets: including property and foreign accounts.
I assume that any new income earned over and after this declared amount will be taxable - by State income tax (if any) and federal income tax.
of course any interest earned over my deposits after becoming PR will be taxable as well.
nourz,
you only declare what you have on you when you are at your point of entry (airport). when you are already in the country you will need to open bank accounts. then you will need to transfer the money from your home country bank to the usa bank account. you don't have to declare this because the patriot act governs the checking and investigation of this money, that is, the money is not meant for funding terrorist activity. it will take up to 3 days before your funds can be withdrawn - it will be on hold as the authorities investigate. i have done this a few times.
unless you intend to bring the money into the usa as a travellers check or bank draft ... then you will need to declare at the point of entry.
you only declare what you have on you when you are at your point of entry (airport). when you are already in the country you will need to open bank accounts. then you will need to transfer the money from your home country bank to the usa bank account. you don't have to declare this because the patriot act governs the checking and investigation of this money, that is, the money is not meant for funding terrorist activity. it will take up to 3 days before your funds can be withdrawn - it will be on hold as the authorities investigate. i have done this a few times.
unless you intend to bring the money into the usa as a travellers check or bank draft ... then you will need to declare at the point of entry.