Korean Job Discussion Forums

chonga · Joined: 15 Mar 2009

I work as a financial advisor in the states and was wondering how my investments would be affected should I move to Korea to teach?

My guess would be that any trades made while abroad would be subject to short term capital gain/losses but my main concern is how long term gains/losses would be treated and how would any tax liabilities be taken care of if you are abroad?

Any help is much appreciated.

GoldMember · Joined: 24 Oct 2006

If you have to post on an ESL forum to get tax advice, then my guess is that you are not a very good financial adviser.
But then again you are probably qualified to restructure a failed car company.

sojukettle · Joined: 23 Aug 2005 Location: Not there, HERE!

Don't mean to be rude but you can't be much of a 'financial advisor' if you have to come to an open board like this to ask financial advise.

Do people actually pay you for your advice?

I will answer your question after you deposit 238,000krw in my account.

cheers

sk ( part time financial advisor to the oligarchy)

chonga · Joined: 15 Mar 2009

I do not handle any clients that live abroad as I am only licensed in my states of business. If I had someone who came from Korea to the states and decided to open a brokerage account here, I would know the answer to this question.

And I don't believe knowing the answer to this question affects my abilities as a financial advisor since rate of return and proper allocation of assets is more in my line of work.

Apologies for being such a bother but I figured I could get a quick answer than to bring out my licensing book or contacting FINRA or the IRS.

Robot_Teacher · Joined: 18 Feb 2009 Location: Robotting Around the World

Your taxes would be the same on the investments in the states except for money you make outside the US being exempt up to like $80,000. If you're sitting in Korea using an American brokerage like Ameritrade or TradeKing and seeing capital gains, you're making money domestically back in the states even though you're clicking the mouse abroad so you'd still have to report that in your tax filing and pay tax.

kcs0001 · Joined: 24 Jul 2005

When I used to have cap gains, they were taxed the same as if I was in the states. I used Turbotax and it got all the info electronically from Scott trade.
As you know, earnings are treated differently w/ an exemption for foreign earned income.
You can try calling the IRS, but they seem to know less than the average Joe.