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Sai Wan Ho vs. TST

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  1. #61

    Join Date
    Apr 2012
    Posts
    58
    Quote Originally Posted by booth
    thorvitz,

    if you have more than 10k us then you need to report it. you cant carry more than 10k usd cash on the plane too.

    also, you dont have to pay tax if you have more than 10k usd here. you just have to report it. if you are suspected of having too much money, then thats a problem.

    the first 92k usd is tax free if you live the entire calendar year in HK. for us taxes. you still have to pay hk taxes.

    if you are married, double that number.
    Thanks! I knew about 92k (online research) but you mean that is higher if married (I am married). Somehow I doubt that is the case... though if it is I won't have to pay any US taxes and I'd be a happy camper. Or do you just mean can bring in 10k per spouse on plane? We're not going to exceed 10k anyways.

  2. #62

    Join Date
    Feb 2011
    Location
    Hong Kong
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    6,331

    On the plane, you can have 9,999 us. 10k is a problem. But even then 9999us can be looked at as evasion. Better to have 9500 or something less. You and your wife can have 9999 each.

    Also, the deduction is 92k us per person, and hence married filing jointly can get 184k. Its going up to 95 or 96k each I believe too.


  3. #63

    Join Date
    Apr 2012
    Posts
    58
    Quote Originally Posted by booth
    On the plane, you can have 9,999 us. 10k is a problem. But even then 9999us can be looked at as evasion. Better to have 9500 or something less. You and your wife can have 9999 each.

    Also, the deduction is 92k us per person, and hence married filing jointly can get 184k. Its going up to 95 or 96k each I believe too.
    My plan was 9k total on plane. Really--92 or so per person?! I won't get too happy yet but if that's the case, I won't pay much US taxes...except perhaps small amt on investment accounts/earned bank interest. This could be damn good news!!!

  4. #64

    Join Date
    Feb 2011
    Location
    Hong Kong
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    Yes but starting 2013 tax year. you must live in HK the entire tax year.

    You can add housing too. So 92k + 92k + 25k housing.....etc. Housing is the "extra" amount you pay for residing overseas.


  5. #65

    Join Date
    Apr 2012
    Posts
    58
    Quote Originally Posted by booth
    Yes but starting 2013 tax year. you must live in HK the entire tax year.

    You can add housing too. So 92k + 92k + 25k housing.....etc. Housing is the "extra" amount you pay for residing overseas.
    Gotcha, well for 2013 we plan to be living in HK all year. Just obviously not for '12 so I guess for '12 I will get doubled taxed....I feel bad for the accountant whose going to have to process my return--half in US and half in HK for the year!!! :-)

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