Chinese Woman's Savings Moving to America

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Paul
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Joined: April 28th, 2018, 2:54 pm

Chinese Woman's Savings Moving to America

Post by Paul »

Does anyone have experience marrying a woman from another country that will be bringing money to the US? In my instance it is a Chinese woman. We already know how to move the money from China to America. I am curious what needs to happen on this end when she finally moves here. Is it as simple as keeping bank records from China? I imagine the US government will eventually ask where that money came from. Do we have to pay taxes on it?


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CannedHam
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Re: Chinese Woman's Savings Moving to America

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Paul wrote:
December 22nd, 2018, 6:57 pm
Does anyone have experience marrying a woman from another country that will be bringing money to the US? In my instance it is a Chinese woman. We already know how to move the money from China to America. I am curious what needs to happen on this end when she finally moves here. Is it as simple as keeping bank records from China? I imagine the US government will eventually ask where that money came from. Do we have to pay taxes on it?
Bank transfers AFAIK are not reported on the federal return. The money was earned abroad before she was a US resident and therefore wasn't subject to US taxation at the time it was earned - no reason it would be taxed now. If she was a US LPR or US citizen at the time the income was earned abroad, she should have reported it to the IRS at the time and paid taxes on it (an absolutely bullshit rule).

To be extra sure you should double check with a tax accountant/attorney.
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