Moving out of country - Stocks and Crypto
Asking for a friend who can’t join blind coz of work email restrictions. Question : Currently on H1B , would like to move to a different country. Couple of questions I have : 1 - If I have my companies shares with me (vested already but not sold yet) and I move to a different country and then I sell it to my US account , would it be ok if I don’t pay the US tax since I am not a resident anymore ? Would they come after me ? 2 - If I have crypto in coinbase and I never sold it and moved to a hardware wallet and then I moved to a country like Singapore where it’s tax free and I sold them in a Singapore exchange , do I have to really pay capital gains tax in Singapore assuming they don’t have capital tax gains ? US will never have any details of my selling activity since it’s in a hardware wallet. -Since I haven’t paid US capital tax on my company shares, is it still a good idea to maintain my US bank account ? Would they flag it and close it later on ? TC: 110k #investments #crypto #moving
Why not just pay the taxes you owe?
Crypto is taxable only when you sell otherwise you can hold it and sell wherever you don’t have any captain gain taxes). You can’t avoid taxes from stock (Uncle Sam would chase you ) 😊
One thing to be aware of is if you transfer it to a hardware wallet, that’s a taxable event. OP, your friend should just keep it on Coinbase and not sell it if they haven’t already. Wait, then move and sell it much much later.
1.as soon as you become a non resident your tax will be held at higher rate in usa. Depending on your home country you can pay the tax there and get a refund here but somewhere you will need to pay the tax. There is no way to avoid tax unless u cheat. All you can do is see where u will pay less tax 3.always better to maintain bank account unless you close everything here and never plan to return. Rem that if u close account u close credit card and your credit history takes a hit
If you live in the US, you own the taxes. Whether you pay them or not is up to you.