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.
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.
Does it mean i need to pay to both country and look for the tax reduction? Thanks!
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.
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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.
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
That sounds like tax evasion. OP’s best bet is to move everything to his parents