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Marrying into a large sum of money

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K

khameleon

Junior Member
What is the name of your state? Florida

Hello, i am in a bit of a situation. I am engaged to a person very wealthy. She has an account in the US, but we will marry in the Philippines. I believe the money is already being taxed, but what will this mean for me? Will i have to pay a tax on the sum of the account because it became a source of income? She is not a citizen of the US but i am. I dont want a huge tax on this money, but who would :p Any advice?
 


S

seniorjudge

Senior Member
khameleon said:
What is the name of your state? Florida

Hello, i am in a bit of a situation. I am engaged to a person very wealthy. She has an account in the US, but we will marry in the Philippines. I believe the money is already being taxed, but what will this mean for me? Will i have to pay a tax on the sum of the account because it became a source of income? She is not a citizen of the US but i am. I dont want a huge tax on this money, but who would :p Any advice?
Click to expand...
Will i have to pay a tax on the sum of the account because it became a source of income?


Is she paying you to marry her?
 
M

mousemeat

Junior Member
YOU will not have to pay any taxes on the money just because you marry her. But,once you are married, if the money is, for instance, in a savings account, you and her, if you file a joint return, will be responsible for taxes on any interest.
 
A

abezon

Senior Member
I suggest you spend some of her money & get some international tax advice. If she is not a citizen, she is liable for taxes only on her US-source income (which by law does not include bank interest). You'll file married separate & pay taxes on your worldwide income.

If she elects to file jointly with you, she pays US taxes on worldwide income, but can claim foreign tax credits.
 
D

dallas702

Senior Member
khameleon said:
What is the name of your state? Florida

Hello, i am in a bit of a situation. I am engaged to a person very wealthy. She has an account in the US, but we will marry in the Philippines. I believe the money is already being taxed, but what will this mean for me? Will i have to pay a tax on the sum of the account because it became a source of income? She is not a citizen of the US but i am. I dont want a huge tax on this money, but who would :p Any advice?
Click to expand...

What or who gave you the idea that marrying someone who has money (wealth) makes that your "income"? Not that some people don't see it that way (such as Anna Nicole).
 
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