User profile: kc430
- RegisteredDecember 26, 2014
- RegisteredDecember 26, 2014
He, Harry. She, Meghan.
Zow! Talk about a mixed marriage with tax complications.
The child soon to be born to the Duke and Duchess of Sussex will be a dual citizen of U.K. and U.S., liable for taxes under both jurisdictions. If the child wants to renounce U.S. citizenship (and U.S. tax liability) must wait until age 18.
Crazy idea this. Theoretically, the child when grown up could be both a member of British royalty and President of the United States.
Me, American. She, Chinese. Living in Kunming last several years. Expect to stay another few--or longer.
Been sending tax to IRS under the category “married filing separately”. Been thinking of changing it to “married filing jointly”.
Why would I ever want to do that? Well, how about saving money.
Let me count the ways. 1) Would reduce amount of tax outright. 2) This past year my income tripped over a threshold, which will result next year in a significant increase on my health insurance. If I file jointly the increase will be minimal. Savings on these first two combined would add up to more than $5000. 3) Filing jointly now would be viewed favorably if my wife every applies for a US green card.
There is a gotcha I know about. My wife’s Chinese income would be taxed by the IRS. But that’s OK as we would actually pay less tax than before.
Then there are the gotchas I don’t know about. I don’t know if my wife’s Chinese bank accounts would require annual FBAR and FATCA reporting, which the IRS demands on foreign (non-USA) accounts over a certain threshold. As for myself, I don’t have, and never intend to open, Chinese or other foreign accounts.
What about the Kunming apartment we jointly purchased (both our names appear on the paperwork). Would that affect anything related to the IRS if we file jointly? Dunno.
And of course there have to be gotchas I can’t imagine in my wildest dreams.
I know, these are questions for a properly certified and fully credentialed expert professional.
But it never hurts to tap into the Kunming expat community.
Anyone had personal experience with this issue? Please share.
Just renewed my annual pass card for the World Horticulture Park (昆明世博园旅游区) on Bailong Lu. It allows unlimited visits for twelve months. March 6-10 the cost is 99rmb. AFter that 300rmb. Just need passport and provide the money and a phone number. They take your photo and give you the card immediately. Registration for Chinese residents might be a bit more involved.
The one-day rate used to be 100rmb but now has been dropped to 70rmb.
On the Women's Day Holiday (March 8 I think), women get half price (35rmb), men the full treatment.
I also just renewed my Kunming Parks pass, a different annual card that gives access to the Zoo, Western Hills, Golden Temple,
Tanhua Temple, Daguan Park, Black Dragon Pool and one or two others. Cost 150rmb. Take pHotocopy of passport photo page and visa-size photo to the special window near entrance to the zoo. You'll be asked (required) to write your Chinese name on the back of the visa photo (for filing purposes?). Fork over the cash and wait 15 days to pick up the card.
I walk frequently in Kunming parks and these two cards save me hundreds of kuai every year.
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