paying income tax to US while paying to Korea(double status??)

New naba
Oct 10 8 Comments

hi,

i have rental income in Korea(usd 200k), and have house under my name(market value 5m usd). no money flows into my us account. no child, wife, but parents in Korea.

i am paying (us income + korea income) tax to korea as a resident over there.

but if i designate myself as us resident(since i have been here for ~7yrs as f1 student and now opt),

do i need to consider korea income as a taxable income US too?

seems unfair ... F deloitte, no response for two weeks.

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TOP 8 Comments
  • LinkedIn Uranus⛢
    Yes you need to pay taxes to Uncle Sam. It’s going to be very complicated but you might be able to claim a foreign tax credit on the taxes you paid to SK.
    Oct 10 3
    • New naba
      OP
      Does it mean i need to pay to both country and look for the tax reduction? Thanks!
      Oct 10
    • Expedia Group / Eng whatismytc
      For 200k, i would seriously suggest you to find an accountant rather than asking around here. If Deloitte is not helping, go find someone else.
      Oct 10
    • New naba
      OP
      Thanks... will end up with accountant but want to have pre kwnoledge.
      Oct 10
  • Uncle Sam will tax you on worldwide income regardless of where you are if you are an American citizen or GC holder. You can look into foreign earned income tax exclusion and tax treaty between Korea and the US to reduce the effects of being double taxed.
    Oct 10 3
    • Expedia Group / Eng whatismytc
      OP is just an international student with Korean passport holder. But i think while living in the US you need to pay income tax.

      Your best bet is to move everything under some offshore company and get your rental income there. 200k USD per annum on rental is something you don't want to pay tax in the US
      Oct 10
    • LinkedIn Uranus⛢
      That sounds like tax evasion. OP’s best bet is to move everything to his parents
      Oct 10
    • New naba
      OP
      Lol seems very dangerous but thanks for the response
      Oct 10

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