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Relocating to the US: TAX Queries

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  • 14-04-2024 1:08am
    #1
    biznewbie
    Registered Users Posts: 4 ✭


    I am looking to relocate to the US under a company transfer from the Ireland office to the US office. I have a few queries related to TAX. I have browsed through the threads in this forum but didn't get the answers I am looking for. I would really appreciate it if someone who has gone through a similar scenario could provide full details.

    1. Do I need to pay TAX in the US if I bring money from Ireland to the US?
    2. I won't be selling my house in Ireland. I will rent it out. Do I need to pay tax on the rental income in Ireland, in the US?
    3. If I am paying tax in the US, how much TAX will I need to pay in Ireland for the rental income?
    4. If I come back to Ireland to live permanently, will I need to pay tax on the money I bring to Ireland from the US?

    Thanks in advance.



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    #2
    NSAman
    Registered Users Posts: 3,388 ✭✭✭NSAman


    https://www.boards.ie/discussion/2058346789/relocating-to-the-us-tax-queries
    1. No
    2. you will have to pay tax on the rental in Ireland. There are different rates depending on domicile afaik. If rental cash is remaining in Ireland then you need to declare that on the US return. If there is a mortgage on the property then you can claim this interest against income in the US tax return and any expenses.
    3. you will need to have a “registered representative” to look after the property in Ireland. The tax rate is a little confusing for me on this..sorry cannot give you a definitive it’s not the 50% as you are not resident in the state. Afaik it’s 20% withheld. But please check with revenue.
    4. No.




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    #3
    circular flexing
    Registered Users Posts: 2,584 ✭✭✭circular flexing


    NSAman is correct re: 1 but you do need to declare if you have more than $10000 on your person when you are entering the US.

    https://www.cbp.gov/travel/international-visitors/kbyg/money

    For 2, you will likely pay tax on rental income in both US and Ireland but you should get a credit for any tax paid in Ireland against the tax paid in the US. As part of your relocation, you should get tax filing assistance for the first year which will help you understand how it works

    For 3, the amount will depend on how much of your income is earned through rental income vs. total income. It's hard to give an exact figure.



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