Contact UsI am a greencard holder living in nyc divorcing a greencard holder also in nyc; I need to know my tax consequence for a large sum of money.
Now I find the other box! I am wondering what the tax implications will be as we are both not US citizens... and I am wondering if there is a way to structure how I can receive the sum of money by creating a trust or company. It will be a very sizable amount and I am getting concerned as I don't think the 1041 applies to me.
Thank you so much!
Michele
Thank you so much!
Michele
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Tax Professional Answers
John Stancil
Basically, no. If the money was placed directly into a trust or a corporation, it would still be subject to tax and the rate would probably exceed your personal rate. Depending on the source of the money, you may not be able to avoid personal tax liability for the income.
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473 weeks ago