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Real Estate Taxation

Hereon this article, you will find information regarding taxation of income and gain from real estate investments, such as house, condo, apartment, commercial property and land at individual level. A. U.S. Citizens and Resident Aliens 1. Rental Income (Reported on Form 1040, Schedule E) You generally must include in your gross income all amounts you…

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Capital Gain VS Ordinary Income VS Worldwide Income

Capital Gain A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price. Capital gains may refer to “investment…

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Bring money from Korea to U.S. or vice versa

The federal income tax is levied on the worldwide income of U.S. citizens and resident aliens and on certain U.S. income of non-residents.    Once the income was taxed, it is not conflicted against the Foreign Exchange Control Law, thus, the funds can be freely transferred between countries in general. However, you must report to I.R.S. in…

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