• Inheritance Tax/Gift Tax
  • Practice Areas
  • Tax treatment for U.S. citizens and permanent residents
Tax treatment for U.S. citizens and permanent residents

At The Smart Inheritance,
we offer comprehensive services that encompass both Korean tax reporting
and US tax reporting for US citizens and permanent residents.
Concurrent Korean/US tax processing

We offer tax processing services for US citizens and permanent residents residing in either Korea or the US, handling both jurisdictions simultaneously.

Furthermore, we specialize in developing optimal tax-saving strategies for taxes associated with inheriting or gifting assets such as real estate, deposits, stocks, and more in Korea.
Our approach involves a meticulous examination of both Korean and US tax laws, allowing us to design personalized plans that minimize tax liabilities while ensuring compliance.

Our goal is to provide comprehensive tax solutions that address the specific needs and circumstances of US citizens and permanent residents, whether they are residing in Korea or the US. With our expertise in both Korean and US tax regulations, we strive to optimize tax outcomes and offer valuable guidance tailored to your unique situation..

Korea/US tax, asset management, and inheritance processing together

By establishing a business partnership agreement with a US inheritance lawyer, a law firm specializing in asset management, and a Korean tax firm, we are able to provide combined services that encompass Korea-US tax management, asset management, and Korean inheritance processing.

This partnership enables us to offer comprehensive support to clients, ensuring seamless coordination between legal expertise, asset management strategies, and tax considerations in both Korea and the US.
Whether it involves navigating complex cross-border tax implications, managing inherited assets, or facilitating the inheritance process in Korea, our integrated services aim to provide efficient and effective solutions.

Furthermore, we understand the value of personalized interaction and strive to meet the needs of Korean-Americans by holding regular counseling meetings in the United States.
These in-person meetings allow us to provide detailed and tailored counseling, addressing specific concerns and providing guidance to individuals in a more direct and personalized manner.

Main Cases of Tax treatment for U.S. citizens and permanent residents
  • 1. U.S. FORM 3520, FATCA, FBAR report on inherited and gifted property in Korea
  • 2. Property transfer(registration), tax processing, and Transfer abroad inherited property in Korea
  • 3. Consulting services encompass Korea/US gift tax and inheritance tax reduction strategies, particularly for individuals who possess property in both Korea and the U.S.
  • 4. U.S. FORM 706 filing for inherited property located in the U.S.
  • 5. Tax consulting and reporting related to Korean real estate acquisition and transfer (acquisition tax, capital gains tax, comprehensive real estate tax, etc.)
  • 6. Examination and reporting of Expatriation Tax in case of renunciation of U.S. citizenship