Landing in USA - tax exemptions

[amerikan]

Mom got het GC thru me (CP)
Will be landing in US in a few months.
How much money is she allowed to bring in tax free.
All this money was earned abroad before she became a PR.
Thx

 

[nelsona]

There is no tax on wealth in US.

Bringing money into US is not considered INCOME, and as such, has absolutely no tax associated with it.

There is a reporting limit on cash of $10,000, but bringing in more than this is noty illegal, nor taxable, as long as it is reported to Customs at time of entry.

 

[Jackolantern]

There is no tax on wealth in US.

Actually there is. See http://www.commondreams.org/views06/0114-26.htm

But it is not dependent on whether you bring the money into the country. Once you own it and live in the jurisdiction where they tax your wealth, you have to pay up whether the money is brought into the US or not.

Bringing money into US is not considered INCOME, and as such, has absolutely no tax associated with it.

Correct, there would be no US income tax on money already earned before moving to the US.

 

[TheRealCanadian]

Actually there is.

Note that around 95% of the US is not subject to a wealth tax.

I must admit, however, it's tempting to so-called "progressives" and other parasites to use the force of the state to arbitrarily confiscate things from those who are productive in favor of those who are not. However, their expected numbers are laughable since most capable individuals are easily able to take their wealth and move elsewhere which is not subject to arbitrary taxation.

 

[TommyEdo]

What about if we sell our home or property in original country after moving to the US, is there any capital gains tax imposed?

 

[nelsona]

This is not a tax forum.


US will impose capital gains tax on all property sold after becoming a US resident. If you lived in a house for 2 of the past 5 years (even if it was outside of US) you still can avail your self of the $250K ($500K if married filing jointly) residential gains exclusion.

So, from a US point of view, selling your foreign home before 3 years of US residency has elapsed is crucial.


You may however have cap gains in your home country.

You would also need to consider any tax treaty agreements between US and your home country.

 

[Jackolantern]

Note that around 95% of the US is not subject to a wealth tax.

Except for the 99.9% that taxes wealth when it is in the form of a house.

I must admit, however, it's tempting to so-called "progressives" and other parasites to use the force of the state to arbitrarily confiscate things from those who are productive in favor of those who are not. However, their expected numbers are laughable since most capable individuals are easily able to take their wealth and move elsewhere which is not subject to arbitrary taxation.

I find taxes on property to be absurd, but if such taxes are going to exist I would rather have a more generalized tax on a wide variety of assets with a lower tax rate, than a high tax rate that is so heavily focused on wealth that exists in one particular form (real estate).