My husband is a Japanese citizen living in the US for 8 years. We regularly send money to his Yuucho account for preparation on moving back and for when we travel to see family. Never even thought that there might be tax implications in doing so. (Young and dumb and first time living abroad I guess would be the only excuses)
I’ve searched and read through posts so I’m really just looking for clarification that since he is a JP citizen and it’s his income (I’m a housewife), we don’t have to pay tax on remittances to the JP account while we’re not residents of Japan. Correct?
Also, we were planning to sell our house after we get set up in Japan (as a safety net of sorts), but it sounds like we should sell it before we leave? Or what if the kids and I go ahead and my husband stays in the US to sell it? (We don’t have to pay CG in our state because it’s our first house and our realtor says there’s an exemption we qualify for). We wanted to wait until housing prices go back up since they’ve dropped in the past couple of months.
– does the entire sales amount of the house go towards capital gains or just the income amount?
– how much % is the CG tax amount?
– does it only count if you remit it or can you just keep it overseas for the tax year and remit it later to avoid the tax? But then the interest from a savings account would get taxed, correct?
Please feel free to fill in any holes I forgot to think about, and thank you in advance.
by Tokyofroodle1