回复 'wen47' 的评论 : Unfortunately US tax laws related to transferring money from overseas were most recently enhanced (FATCA) and more strongly enforced so even those seasoned tax attorneys dealing this day-in-day-out had to take classes to refresh. Especially for those more focused on US business not international or not on tax.
jasonkahn 发表评论于
回复 'wen47' 的评论 : Follow your lawyer's advice, of course. That is, if your lawyer is good ... Remember it is you, not your lawyer, that is accountable when federal government agencies audit you.
Any fund transfer over $10K USD will be reported *by the bank* automatically to Dept of Treasury (which IRS is part of) and FBI. After you file that year's 1040, IRS computer may compare your filed income against major transactions like that. If there is a gap found, you get a better chance of being audited.
A friendly advice: it is not pleasant to be audited by IRS. So if indeed it is borrowed money, you better have the complete paper trail and legal documents to prove it.
回复 'wen47' 的评论 : If indeed the fund is borrowed, then no need to report that as income. But if you don't return the fund after certain period, it may raise doubt for IRS.
jasonkahn 发表评论于
If you sell real estate in China, and send money back to US, you have to declare that to IRS and Department of Treasury, both the account(s) that you hold the money temporarily in China (even just for 1 day), and the whole proceed from the sales as income.
I suggest you consult a tax accountant or attorney in US who is familiar with overseas fund transfer, instead of armatures here (I am no professional, either. But I have done that so I know:- ).
Don't think that IRS doesn't know your accounts in China. China tax authority and IRS exchange account data very frequently.