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Donor residence | Devisee residence | Property location | The U.S. gift tax | Korea gift tax |
---|---|---|---|---|
The U.S | The U.S | The U.S | Taxation | Tax exemption |
The U.S | The U.S | Korea | Taxation | Taxation |
The U.S | Korea | The U.S | Taxation | Taxation |
The U.S | Korea | Korea | Taxation | Taxation |
Korea | The U.S | The U.S | Taxation | Tax exemption |
Korea | The U.S | Korea | Taxation | Taxation |
Korea | Korea | The U.S | Taxation | Taxation |
Korea | Korea | Korea | Taxation | Taxation |
Type | Item | Note |
---|---|---|
Value of gift property (Gross Gifts) |
· Cash · Fair value of property(FMV of Property) |
Gift deliver date |
(+)(-)Spousal gift splitting | (+)50% of one's spouse's third-party (-)50% of one's third party gift |
If gift splitting is elected, |
(-)Non-taxable item (Exclusion) |
· Annual Exclusion* | Up to $15,000 |
(-)Deduction items | · Charitable Gifts · Marital Deduction |
Full deduction ( Unlimited) |
Taxable Gifts | Taxable Gifts for current year (A) (+)Taxable Gifts for prior years (B) = Total Taxable Gifts (C) |
|
(×) Unified Transfer Tax Rate(D) | Total gift tax amount(C×D) (-)Prior year tax amount (B×D) |
Current Rate |
Total gift tax amount | = Total gift tax amount for current year | |
(-)Tax exemption items | (-)Unified Tax Credit (UTTC, available) {=(Current year UTTC-Used UTTC of prior year)} (-)Foreign Gift Tax Credit |
Unified Transfer Tax Credit |
Gift tax paid amount | = Gift Tax Payable for current year |
Column A | Column B | Column C | Column D |
---|---|---|---|
Taxable amount over |
Taxable amount Not over |
Tax on amount In Column A |
Rate of Tax on excess over amount in Column A |
---- | $10,000 | ---- | 18% |
$10,000 | $20,000 | $1,800 | 20% |
$20,000 | $40,000 | $3,800 | 22% |
$40,000 | $60,000 | $8,200 | 24% |
$60,000 | $80,000 | $13,000 | 26% |
$80,000 | $100,000 | $18,200 | 28% |
$100,000 | $150,000 | $23,800 | 30% |
$150,000 | $250,000 | $38,800 | 32% |
$250,000 | $500,000 | $70,800 | 34% |
$500,000 | $750,000 | $155,800 | 37% |
$750,000 | $1,000,000 | $243,800 | 39% |
$1,000,000 | ---- | $345,800 | 40% |
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