Hello Everyone,
I’ve got some stock in the US I’m looking to sell and would like to check and see if my understanding.
Context: US Citizen (California specifically) living in Japan for last 8 years. The stocks I am looking to sell have been owned since 2018, purchased while in the United States; the account was a joint investment account that has been transferred in full to me.
If I sell these stocks I would have to pay the Japanese Capital Gain Tax. The capital gains would also have to be calculated in Yen as well I believe. I can avoid paying any US Taxes on these by filing for foreign tax inclusion.
I would like to use some of this money for a house purchase in Japan at a later time; when I transfer the money over is there any additional taxes that need to be paid? I’ve found some mentions of a Remittance Tax but am unclear on the details.
by I_Ruv_Kpop