人寿保险跟税的关系自成一个题目，这里不展开，理由是： 草率地讲，比不讲更危险。 先有整体配置，再谈保单；倒过来做，是最常见也最贵的错误。
Life insurance and tax is a subject of its own and is left aside here, for a reason: covering it carelessly is worse than not covering it. The allocation comes first and the policy second; doing it the other way round is the most common and most expensive mistake there is.
为什么「开始追税」是财政必然Why enforcement follows the money
这条逻辑链只有四步，而且不需要任何政治立场就能成立：
The chain has four links, and none of them requires a political position:
| 01 | 土地财政萎缩，地方收入下滑Land-sale revenue shrinks and local income falls |
| 02 | 支出刚性、收入下滑 → 出现财政缺口Spending is rigid, so a gap opens |
| 03 | 增量税源没有了，只能转向存量，也就是已经存在但没申报的财富With no new tax base, attention turns to the existing stock: wealth that exists but isn't declared |
| 04 | 海外资产成为首选，因为三个条件同时成立：① 海外的钱多 ② 政府想知道 ③ 政府缺钱Offshore assets come first, because three things are true at once: the money is there, the state wants to see it, and the state needs it |
这三个条件同时成立的时候，接下来会发生什么，基本是可预期的。 后面 CRS 2.0 与中国离岸信托新规的落地，就是这条链的结果。
When those three hold simultaneously, what comes next is fairly predictable. CRS 2.0 and China's offshore trust rules are that chain arriving.
离岸结构当年怎么运作，现在为什么失效How the offshore structure worked, and why it stopped
属人 vs 属地Residence versus source
| 属人主义（居民管辖）Residence-based | 属地主义（来源地管辖）Source-based | |
|---|---|---|
| 征税范围Scope | 税务居民的全球所得A resident's worldwide income | 只对来源于境内的所得Only income arising inside the jurisdiction |
| 大白话In plain words | 「你这个人在哪里赚的钱都要缴」"Wherever you earned it, you owe tax on it" | 「只有在我这块地上赚的钱才要缴」"Only what you earned on my ground" |
| 典型Typical | 美国 · 中国United States, China | 香港 · 新加坡 · 传统离岸辖区Hong Kong, Singapore, the traditional offshore jurisdictions |
| 对跨境安排的意义What it means | 身份跟着你走，跑不掉The status follows the person | 把利润「留在境外」即可不被课税Leave the profit outside and it isn't taxed |
新加坡等地近年已就境外收入汇入课税等作出修订，「纯属地」的说法已不精确。
Singapore and others have amended their treatment of remitted foreign income, so "purely source-based" is no longer precise.
三角贸易：$2 → $16 → $20The triangle: $2 → $16 → $20
深圳生产，成本 $2；先卖给香港的关联公司，作价 $16 → $14 的利润沉淀在香港；香港再出口到美国，终端售价 $20 → 美国端只剩 $4 的利润可课。
Manufactured in Shenzhen at a cost of $2; sold first to a related Hong Kong company at $16, leaving $14 of profit in Hong Kong; then exported to the US at $20, so only $4 of profit is visible to the US.
关键在哪里：香港是属地税制，那 $14 的境外利润不被课税； 而中国和美国都只看得到自己那一段。
The point: Hong Kong is source-based, so the $14 of foreign-source profit isn't taxed there, and China and the US each only see their own segment.
一根柱子倒了，整栋楼就塌One pillar fell, and the building came down
离岸结构靠两根柱子：资讯不对称和税法不对称。
The structure stood on two pillars: information asymmetry and tax-law asymmetry.
柱子一：已被拆除
Pillar one: gone
FATCA 让全球金融机构直接向美国申报；CRS 让参与辖区之间自动互换。 税务机关现在先于你掌握你的账户资料。
FATCA has foreign institutions reporting directly to the US, and CRS has participating jurisdictions exchanging automatically. The authorities now have your account data before you hand it over.
柱子二：还在，但用不上了
Pillar two: standing, but useless
香港、新加坡仍是属地税制，这一点没变。但当你的居住国已经知道你在那里有多少钱， 属地不属地就不重要了，因为要课税的是你的居住国。
Hong Kong and Singapore are still source-based; that hasn't changed. But once your country of residence knows what you hold there, the source rule stops mattering, because the country taxing you is the one you live in.
这一节的结论还是开头那句： 任何靠「对方不知道」才能成立的安排，都不是规划，是时间差。
The conclusion of this section is the opening line again: anything that only works because the other side doesn't know isn't planning, it's a window, and windows close.
连带的一个判断：离岸架构的功能已经从「省税工具」转变为「资产保护与隔离工具」。
And a related judgement: the offshore structure has changed function, from a tax-saving tool to an asset-protection and segregation tool.
FATCA：把申报义务转嫁给全球的银行FATCA: moving the obligation onto the banks
大白话：美国对全球金融机构说：我的人在你那里有多少钱，你直接报给我。 最关键的设计是义务转移：把申报义务从「纳税人个人」扩展到「全球金融机构」， 银行成为美国税务体系的前哨。
In plain words: the US told the world's financial institutions to report what its people hold with them. The design that matters is shifting the obligation from the taxpayer to the institution, which makes every bank an outpost of the US tax system.
美国凭什么做得到？美元。美元占全球外汇储备约 57%（IMF COFER，2026 年第一季；欧元 20.03%、日元 5.44%、人民币 1.99%）， 全球金融机构离不开美元清算；对不配合机构的美国来源所得预扣 30%。 拒绝 = 放弃美元业务。
What made it enforceable? The dollar. It is about 57% of global reserves (IMF COFER, 2026 Q1; the euro at 20.03%, the yen 5.44%, the renminbi 1.99%), no institution can operate without dollar clearing, and non-compliant institutions face 30% withholding on US-source income. Refusing means giving up dollar business.
谁受管辖：绿卡就是美国身份Who's covered: a green card is US status
美国公民
Citizens
含在美国出生者。身份跟着人走，住在哪里都一样。
Including anyone born in the US. The status follows the person anywhere.
绿卡持有人
Green card holders
所得税上，绿卡就是美国居民，全球所得课税。
For income tax purposes a green card holder is a US resident, taxed on worldwide income.
税务居民
Tax residents
没有美国身份，但符合实质居留标准者。见下。
No US status, but meeting the substantial presence test. Below.
两句要说清楚：FATCA 只管美国身份在「海外」的钱； 而且美国没有外汇管制，可以有海外账户，只是必须申报。
Two things to be clear about: FATCA only reaches US persons' accounts held outside the US, and the US has no exchange controls: a foreign account is perfectly allowed; it just has to be reported.
实质居留标准：全场最贵的一个数字The substantial presence test
两个条件同时成立才构成：当年在美停留 ≥ 31 天； 且当年天数 ×1 ＋ 前一年 ×⅓ ＋ 前二年 ×⅙ ≥ 183。
Both conditions must hold: at least 31 days in the current year, and current-year days plus a third of last year plus a sixth of the year before, totalling 183 or more.
三年各住 120 天
120 days a year for three years
120 + 40 + 20 = 180 < 183 → 不构成
120 + 40 + 20 = 180, under 183 → not a resident
三年各住 130 天
130 days a year for three years
130 + 43.3 + 21.7 = 195 ≥ 183 → 构成
一年只多住 10 天，结果完全不同。
130 + 43.3 + 21.7 = 195, at or above 183 →
resident
Ten extra days a year, an entirely different outcome.
提醒客户不要用「半年」这个直觉去估，加权算法和直觉差得很远。
Tell clients not to estimate this as "about half a year"; the weighting makes the intuition badly wrong.
FBAR 与 Form 8938：两套，不是一套FBAR and Form 8938: two filings, not one
| FBAR（FinCEN 114） | Form 8938 | |
|---|---|---|
| 触发门槛Threshold | 海外金融账户合计，任一时点 > $10,000All foreign financial accounts combined, at any point, over $10,000 | 依居住地与申报身份分四档 ↓Four tiers by residence and filing status ↓ |
| 境内 · 单身In the US, single | — | 年末 $50,000 或年内最高 $75,000$50,000 at year end or $75,000 at any time |
| 境内 · 夫妻合报In the US, joint | — | $100,000 / $150,000 |
| 境外 · 单身Abroad, single | — | $200,000 / $300,000 |
| 境外 · 夫妻合报Abroad, joint | — | $400,000 / $600,000 |
| 怎么报How | 独立向 FinCEN 电子申报Filed separately with FinCEN | 随年度所得税申报表一并提交Attached to the income tax return |
| 罚则Penalty | 民事罚款依故意程度而定，另有刑责Civil penalties scaled to wilfulness, and criminal exposure | 未申报最高 $10,000；收到通知后每 30 天再加 $10,000Up to $10,000, plus $10,000 per 30 days after notice |
报了 FBAR 不代表 8938 就免了。两者门槛不同、报送机关不同、罚则不同， 很多人两个都要报。这是这一段最常被讲错的一点。
Filing an FBAR does not satisfy Form 8938. Different thresholds, different agencies, different penalties, and plenty of people owe both. It's the single most commonly mis-stated point in this section.
移民前请逐项检查：六个「美国指标」Before you immigrate: six US indicia
这六个信号会让海外银行把你标记为美国相关账户： 美国出生地 · 美国居住地址 · 美国联络电话 · 美国转信地址 · 美国授权签字人（含 Power of Attorney）· 常态汇往美国。
Six signals that get a foreign bank to flag an account as US-connected: a US birthplace, a US address, a US phone number, a US mailing or c/o address, a US authorised signatory including a power of attorney, and regular transfers to the US.
要点是：只要任何东西跟美国有关（联络地址、联络方式、授权人），都在范围内。
The key point: anything at all connected to the US (an address, a contact method, an authorised person) is inside the net.
那个两难：承认还是否认。一个实例是香港汇丰曾大规模发函查核，
对象是账户资料带有美国联络方式的客户，要求提出佐证证明与美国无关。
路一：承认是美国身份 → 银行可能直接关户，账户关系终止。
路二：否认 → 若将来被查出确有美国身份，就不只是漏报，而是欺瞒，
责任等级完全不同。
→ 真正的出路是第三条：主动、完整、及时地申报。
The dilemma: admit or deny. One example is a large HSBC Hong
Kong review letter campaign, aimed at accounts carrying US contact details and asking for
evidence of no US connection.
Admit US status and the bank may simply close the account.
Deny it and, if US status later surfaces, it's no longer just a failure to report but
a false statement, which is a different order of liability.
→ The real answer is the third path: report, fully, and on time.
CRS：搭 FATCA 的顺风车CRS: riding on FATCA's rails
各国税务局之间约好互相通报。它能快速铺开的原因很实际： FATCA 已经逼着全球银行建好了「识别客户税务身份 ＋ 报送」的整套基础设施，CRS 直接沿用。
Tax authorities agreeing to report to one another. The reason it spread so fast is practical: FATCA had already forced every bank to build the machinery for identifying tax status and reporting it, and CRS simply used it.
| FATCA | CRS | |
|---|---|---|
| 主导方Driven by | 美国（单一国家立法）The US, by domestic statute | OECD（多边协议）The OECD, multilaterally |
| 方向Direction | 单向：各国 → 美国One way: everyone → the US | 多边互相交换Mutual, between participants |
| 连接点The connecting factor | 你是不是美国人Whether you are a US person | 你是哪里的税务居民Where you are tax resident |
| 执行杠杆Enforcement lever | 美元清算地位 + 30% 预扣Dollar clearing plus 30% withholding | 多边主管当局协议 + 各辖区国内法The multilateral agreement plus domestic law |
| 美国是否参与Does the US participate? | 发起者It created it | 未加入It did not join |
读表要诀：FATCA 看「你是不是美国人」，CRS 看「你是哪里的税务居民」。两个问题的答案可以同时是「是」，中国公民 + 美国绿卡就是这样，在华人高净值客户中极为常见。
How to read it: FATCA asks whether you're a US person, CRS asks where you're tax resident. Both answers can be yes at once: a Chinese citizen with a green card is one such case, and it's extremely common among our clients.
传统避税地全数在内：BVI、开曼、香港、新加坡、瑞士、阿联酋（2017 年 1 月 1 日起实施）。 中国 2015 年 12 月签署 MCAA、2017 年 7 月 1 日起尽职调查、2018 年 9 月首次对外交换； 截至 2025 年 4 月，交换伙伴已达 123 个辖区。
The traditional havens are all in: BVI, Cayman, Hong Kong, Singapore, Switzerland, and the UAE (from January 1, 2017). China signed the MCAA in December 2015, began due diligence July 1, 2017, and first exchanged in September 2018; by April 2025 it had 123 exchange partners.
CRS 2.0 与中国离岸信托新规CRS 2.0 and China's offshore trust rules
先正名：「CRS 2.0」其实是两件事First, the name: "CRS 2.0" is two things
CARF
CARF
Crypto-Asset Reporting Framework，加密资产报告框架，OECD 制定。 对象是加密资产服务商（交易所、经纪商），要求做尽职调查并报送。
The Crypto-Asset Reporting Framework, from the OECD. It applies to crypto-asset service providers (exchanges and brokers), requiring due diligence and reporting.
修订版 CRS
The amended CRS
在原 CRS 上扩大覆盖，新增三类：电子货币产品、央行数字货币（CBDC）、 间接持有的加密资产投资（衍生品、基金等）。
Widening the original CRS with three additions: e-money products, central bank digital currencies, and indirectly held crypto exposure through derivatives and funds.
时间表是两段式，而这一点最要紧：
2026 年 1 月 1 日起开始收集数据，2027 年首次交换（报送截止 2027 年 6 月 30 日）。
此刻正在发生的交易，已经在记录里了。
已经发生的事改不了，能处理的是从现在开始怎么做。
The timetable has two stages, and this is the part that matters:
collection starts January 1, 2026, and the first exchange is in 2027, due by
June 30.
Transactions happening right now are already in the
record. What has already happened can't be changed; what can be managed is what happens from
here.
四件事，四个不同的位置Four things, four different positions
| 数字货币Crypto | CARF 与修订版 CRS 这一轮真正新增的部分The part this round genuinely adds |
| 离岸公司、离岸信托Offshore companies and trusts | 原 CRS 一直涵盖：在「消极非金融实体」穿透规则内，需识别并报送控制人与最终受益人。不是这一轮才纳入的Already covered by the original CRS, under the passive NFE look-through rules, which require identifying and reporting controlling persons and ultimate beneficiaries. Not new this round |
| 海外房产Foreign real estate | 不在 CRS 范围，不动产不是金融账户。但买房的资金来源会被银行的反洗钱与开户尽职调查查核，这是两套不同的机制Outside CRS, since property isn't a financial account. But the source of funds is examined under anti-money-laundering and account-opening due diligence, which is a separate mechanism entirely |
| 中国离岸信托新规China's offshore trust rules | 中国的国内税法，与 OECD 的 CRS 是两套不同的制度：法律基础、执行主体、约束对象都不同。这两件事最常被混为一谈Chinese domestic tax law, and a different system from the OECD's CRS: different legal basis, different enforcer, different subject. These two get conflated more than anything else here |
中国离岸信托新规：请记文号，不要记日期China's rules: remember the document number, not the date
| 公告名称Title | 《关于离岸信托个人所得税有关事项的公告》Announcement on individual income tax matters concerning offshore trusts |
| 文号Document number | 财政部 税务总局公告 2026 年第 21 号MOF / STA Announcement 2026 No. 21 |
| 发布与生效Issued and effective | 2026 年 7 月 24 日发布，自发布之日起实施Issued July 24, 2026, effective on issue |
| 配套征管文件Administrative companion | 国家税务总局公告 2026 年第 15 号STA Announcement 2026 No. 15 |
| 适用对象Applies to | 中国居民个人设立、持有或作为受益人的离岸信托Offshore trusts settled, held, or benefited from by Chinese resident individuals |
一个值得养成的习惯：给客户文号，不要给日期。 文号可以在财政部官网直接检索到原文，客户自己查得到，你说的话就站得住。
A habit worth adopting: give the client the document number, not the date. The number retrieves the original text on the ministry's own site. If they can verify it themselves, what you said holds up.
四个课税节点Four taxing points
视同财产转让
Treated as a disposal
居民个人装入财产时按「财产转让所得」计税： 市场价值 − 财产原值 − 合理费用 = 应纳税所得额，适用 20% 比例税率。
Settling assets is taxed as a property transfer: market value less original cost less reasonable expenses, at a flat 20%.
不分配也要缴
Taxed whether or not it distributes
无论是否实际分配，均以该居民个人为纳税人， 按「财产转让所得」或「利息、股息、红利所得」按年申报缴纳。
Regardless of any actual distribution, the resident individual is the taxpayer and files annually, under either the property-transfer or the interest-dividend category.
已缴过的不再缴
No double tax
已按规定申报缴纳个人所得税的信托收益，在实际分配时不再申报缴纳。
Trust income already reported and taxed is not taxed again when actually distributed.
清算后 15 日内
Within 15 days
信托终止清算的，于完成的次月 15 日内申报。 （装入后次年 3/1–6/30 申报；存续期间每年 3/1–6/30 申报上一年度。）
On termination, file by the 15th of the month following completion. (Settlement is reported March 1 to June 30 of the following year; ongoing years in the same window.)
① 无论是否实际分配。钱还在信托里、一分钱没拿到，一样要按年申报缴纳。
② 两类所得不得互抵。「财产转让所得」与「利息、股息、红利所得」分别计算，
不得相互抵减，这会显著推高实际税负。
③ 已缴过的不再重复缴。
① Regardless of distribution. The money can still be inside the
trust with nothing received, and it's still reported and taxed annually.
② The two income categories cannot offset each other. Property-transfer income
and interest-dividend income are computed separately and
cannot be netted, which raises the effective burden substantially.
③ What's been taxed isn't taxed again.
这条规定真正打掉的是什么：传统上把资产放进不可撤销信托， 好处之一是所得归信托、不归你。穿透课税把这个好处直接取消了。
What the rule actually removes: one of the classic reasons for an irrevocable trust was that the income belonged to the trust rather than to you. Look-through taxation deletes that.
追溯至 2023 年 1 月 1 日； 2023/1/1 – 2025/12/31 期间的应缴未缴税款， 须自公告实施之日起 90 日内补缴。 逾期按《税收征收管理法》处理并加收滞纳金；涉及偷逃税的，追缴税款、滞纳金并处罚款。
It reaches back to January 1, 2023. Tax owed and unpaid for January 1, 2023 through December 31, 2025 must be settled within 90 days of the announcement taking effect. Late payment falls under the Tax Collection and Administration Law with late-payment interest; where evasion is involved, tax, interest, and penalties all follow.
中国的罚则区间：补缴税率 20%（财产转让、利息股息红利适用比例税率）； 罚款 50%–500%（《税收征管法》第 63 条：不缴少缴税款的 50% 以上 5 倍以下）； 滞纳金每日万分之五，年化约 18%。
The Chinese penalty range: the flat 20% rate on the relevant income categories; a penalty of 50% to 500% of the tax under Article 63 of the Tax Collection and Administration Law; and late-payment interest of 0.05% per day, roughly 18% annualised.
代持：换了名义持有人，没换实质受益人Nominee holding changes the name, not the beneficiary
要特别提醒的一种做法：有美国身份的人，用中国的亲戚名义做架构。 该问的是：将来出事的是谁？
One practice needs a specific warning: a US person putting a structure in a mainland relative's name. The question to ask: who is exposed when something goes wrong?
公告以「居民个人」为纳税人，课的是中国税务居民； 而代持安排另涉实质受益人认定与反避税条款，属个案判断。 「借人头」不但没解决问题，还多了一层信托与法律风险。 名义持有人可能真的成为法律上的所有人。
The announcement taxes the resident individual, so it reaches Chinese tax residents; nominee arrangements then also engage beneficial-ownership determinations and anti-avoidance provisions, decided case by case. Borrowing a name doesn't solve the problem and adds a layer of legal risk: the nominee may genuinely become the legal owner.
美国的位置：核心的那张图Where the US sits: the core diagram
美国为什么不加入 CRS？答案是两个问句： 第一，美国需不需要参加？不需要，它已经有 FATCA 了。 第二，参加 CRS 对美国是好事还是坏事？ 加入意味着要把美国境内账户资料交出去，而美国目前是全球资金的净流入方， 交出去等于削弱自己作为资金目的地的吸引力。
Why hasn't the US joined CRS? The answer is two questions: does it need to? No, it has FATCA. And would joining help it? Joining would mean handing over data on US-held accounts, and the US is currently a net recipient of global capital. Handing it over would weaken exactly that.
| 受 CRS 交换Exchanged under CRS | 不受 CRS 交换Not exchanged | |
|---|---|---|
| 受 FATCA 管辖Within FATCA | 双重覆盖 中国公民 + 美国绿卡在海外的金融账户Both A Chinese citizen with a green card, holding accounts abroad |
仅 FATCA 美国公民或绿卡在海外的金融账户FATCA only A US person's accounts abroad |
| 不受 FATCA 管辖Outside FATCA | 仅 CRS 参与辖区居民在其他参与辖区的账户CRS only A participant's resident holding accounts in another participant |
★ 放在美国境内的钱 ★ 不论持有人是什么身份★ Money held inside the US ★ whoever holds it |
右下这一格是账户所在地的差别，不是纳税义务的差别： 钱放在美国，不会被 CRS 自动交换出去；但中国税务居民在美国账户取得的所得， 在中国法下依然有申报义务。
That bottom-right cell is a difference in where the account sits, not in the obligation: money held in the US isn't automatically exchanged under CRS, but a Chinese tax resident's income from a US account still has to be reported under Chinese law.
正确的说法是：「不被自动交换」不等于「不用申报」。信息流向 ≠ 纳税义务。 教客户规避另一个国家的申报义务，不是我们的业务，也不该是我们的话术。
The accurate formulation: not being automatically exchanged is not the same as not having to report; the flow of information is not the obligation to file. Coaching a client around another country's filing obligation isn't our business, and shouldn't be our language.
该讲的是这个主张： 往后要选定一个税务居住地（税法合理且合法、 制度稳定、工具丰富），不再「哪里都放一点」；在那里把该缴的税缴好，做好安排，找到合法的省税工具。
The thesis worth presenting is this: going forward, choose one tax residence (workable law, stable institutions, a deep toolbox) instead of a little bit everywhere, pay what's owed there properly, and then use the legal tools that exist.
一个失效案例很有说服力，而且没有任何政治成分：
某家族为了税务安排选了新加坡身份，后来儿子赴美读书、想留在美国发展，需要美国身份，
原本整套安排就失效了。
教训：跨境税务规划必须把下一代的人生路径算进去。
这句话对我们的客户群特别适用。
A cautionary case makes it concrete, and carries no politics:
a family chose Singapore residence for tax reasons; their son later went to the US to
study, wanted to build a life there, and needed US status, and the whole arrangement stopped
working.
The lesson: cross-border tax planning has to account for the next generation's
path. That applies to our client base more than most.
美国税务的基本逻辑：税率高 ≠ 税负高The core logic: a high rate isn't a high burden
下半场的地基： 要看的是你赚的钱里有多少是 taxable，税率是多少倒在其次。
The foundation of the second half: what matters is how much of what you make is taxable at all, more than what your rate is.
- 高资产 ≠ 高税负：资产本身不课税，只有实现的所得才课税。
- High assets aren't a high burden: assets aren't taxed; realised income is.
- 高所得 ≠ 高税负：股票涨了没卖不缴，房产涨了没卖不缴，退休账户增值没取出不缴。
- High income isn't either: unsold stock, unsold property, and undrawn retirement growth are all untaxed.
有个好用的类比：母鸡是资产，鸡蛋是收入，净利润才是应税所得。 养着母鸡，母鸡本身目前不缴税（美国联邦没有资产税）；卖鸡蛋收了 $10 万，要不要缴税？ 不一定，因为养鸡与行销的成本可以扣，只有净利润才课税。
A useful analogy: the hen is the asset, the eggs are the income, and only the net profit is taxable. Keeping the hen isn't taxed (there's no federal wealth tax). Selling $100,000 of eggs? Not necessarily, because the cost of keeping and selling comes out first. Only the net is taxed.
加州的三个 UncleCalifornia's three uncles
| 普通所得 / 短期资本利得Ordinary income / short-term gains | 长期资本利得Long-term gains | |
|---|---|---|
| Uncle Sam（联邦）Federal | 37% | 20% |
| Uncle Obama（NIIT）NIIT | 3.8% | 3.8% |
| Uncle State（加州）California | 13.3% | 13.3% |
| 合计Total | 54.1% | 37.1% |
13.3% ＝ 12.3% 最高档 + 1% 精神健康服务税（适用于 100 万美元以上部分）。工资所得另有加州 SDI：员工费率 2026 年 1.3%，且自 2024 年起无工资上限。
The 13.3% is the 12.3% top bracket plus the 1% mental health services tax on income above $1 million. Wages also carry California SDI at 1.3% for 2026, with no wage ceiling since 2024.
三类债券，在高税率州差别很实际Three kinds of bond, and why it matters in a high-tax state
| 联邦税Federal | 加州州税California | |
|---|---|---|
| 市政债Municipal | 通常免税Generally exempt | 本州发行的本州也免 → 加州居民买加州市政债，联邦与州皆免In-state issues are also exempt, so a California resident holding California munis pays neither |
| 联邦公债Treasuries | 课税Taxable | 各州免税 → 只缴联邦，省掉 13.3%State-exempt: federal only, saving the 13.3% |
| 公司债Corporate | 课税Taxable | 课税 → 只有这一类接近 54.1%Taxable; the only one approaching 54.1% |
所以比较债券不能比票面利率，要比税后等值收益率： 对综合税率 50% 的加州居民，一档票面 4% 的加州市政债， 等于一档票面 8% 的应税债券。
So bonds are not compared on coupon but on taxable-equivalent yield: for a California resident at a 50% combined rate, a 4% California municipal is equivalent to an 8% taxable bond.
复利也会放大税的影响Compounding magnifies the tax too
| $100 万投资 30 年$1M over 30 years | 结果Result |
|---|---|
| 完全免税Fully tax-free | $1,000 万万 (≈$10M) |
| 每年缴 30% 税Taxed 30% annually | $513 万（剩 51%）≈$5.13M (51%) |
| 每年缴 40% 税Taxed 40% annually | $408 万（剩 41%）≈$4.08M (41%) |
这组数字假设年化回报约 8%：$100 万按 8% 复利 30 年约 $1,000 万；扣 30% 税后实得 5.6%，扣 40% 后实得 4.8%，各自复利 30 年就是表里后两行。讲的时候把这个 8% 说出来，否则听众会以为这是个普遍结论。
These figures assume about 8% a year: $1M at 8% for 30 years is about $10M; net of 30% tax the return is 5.6%, net of 40% it is 4.8%, and compounding each for 30 years gives the last two rows. Say the 8% out loud, or the audience will hear it as a general result.
在美国，至少要缴一次税In the US you pay once, one way or the other
路 A：进去时不缴，出来时缴
Route A: untaxed in, taxed out
赚的时候不缴、涨的时候不缴、拿出来的时候缴。 典型是传统退休计划（401(k)、IRA）。 适合现在税率高、退休后税率低的人。
Not taxed when earned, not taxed as it grows, taxed on withdrawal. Traditional retirement plans. It suits someone whose rate is high now and lower later.
路 B：进去时缴，出来时不缴
Route B: taxed in, untaxed out
先缴，之后涨的时候不缴、用的时候也不缴。 适合预期未来税率更高、或要留给下一代的人。
Taxed first, then untaxed as it grows and untaxed when used. It suits someone expecting higher future rates, or planning to pass it on.
有两类钱「从头到尾不缴」：
① 移民前已形成的海外资产：成为美国税务居民之前在海外已经赚到并形成的资产，
这部分本金不是美国的应税所得。关键在时点。
② 外国人在境外的赠与：非美国人在美国境外赠与给你的钱，
美国不对受赠人课所得税。但单一年度自外国人受赠超过 $100,000 须申报 Form 3520。
这是申报义务，不是纳税义务，而未申报的罚则可达赠与金额的 25%。
Two categories are never taxed:
① Assets formed abroad before immigrating: wealth earned and accumulated
outside the US before becoming a US tax resident. That principal is
not US taxable income. Timing is everything.
② Gifts from foreign persons abroad: a gift from a non-US person outside the
US isn't income to the recipient. But receiving more than $100,000 from foreign persons
in a year requires Form 3520. That's a filing obligation, not a tax, and
failing to file carries a penalty of up to 25% of the gift.
但这只讲了一半，另一半是新移民最贵的一个误解：
「移民前形成的资产不课税」讲的是本金。
成为美国税务居民之后，这笔资产产生的收入和增值就是美国的应税所得；
而且美国不会因为你取得身份就把成本基础重设到当时的市价
（有些国家会，美国不会）。
结果是：一笔在海外已经涨了很多的资产，将来在美国卖掉，那段「移民前的涨幅」照样要缴美国税。
这就是「移民前的税务规划」里「移民前」三个字的分量：
要不要在取得身份之前先处分、重组，是一个有时限的决定，过了就没了。
That is only half of it, and the other half is the most expensive
misunderstanding a new arrival has: "assets formed before immigrating aren't taxed"
is about the principal. Once you are a US tax resident,
the income and appreciation on those assets are US taxable, and
the US does not reset your cost basis to market value when you acquire status
(some countries do; the US doesn't).
So an asset that appreciated heavily abroad will, when eventually sold as a US person,
be taxed by the US on that pre-immigration appreciation too. That is what
the word "before" carries in "tax planning before immigration":
whether to dispose of or restructure something before acquiring status is a decision
with a deadline, and the deadline passes.
还有 PFIC，这是华人新移民另一个高频陷阱： 很多人手上有境外的共同基金、理财产品或某些储蓄型保单， 这些在美国税法下可能被认定为被动外国投资公司（PFIC）， 适用一套惩罚性的税与申报规则（Form 8621），处理起来非常麻烦。 这一条同样是「移民之前」最该问的问题之一。 这两件事都必须由客户的跨境税务师判断，不是我们判断。
Then there are PFICs, the other frequent trap for new arrivals from Asia: foreign mutual funds, wealth-management products, and certain savings-type insurance contracts can be treated as passive foreign investment companies under US law, triggering a punitive regime and Form 8621 reporting that is genuinely painful to unwind. It belongs on the same "before you arrive" list. Both of these are calls for the client's cross-border tax adviser, not for us.
出租房：四大抵扣与折旧Rentals: four deductions, and depreciation
注意：整节只适用于出租与投资房，自住房不适用。
Note: this entire section applies to rental and investment property only, not to a primary residence.
四大抵扣：① 贷款利息 ② 地产税 ③ 折旧 ④ 营运费用。 其中一、二、四都是「你真的花了钱」，只有折旧是「你没花钱，但可以扣」， 全节的关键就在这里。
Four deductions: mortgage interest, property tax, depreciation, and operating costs. Three of them are money you actually spent. Only depreciation is money you didn't spend and can still deduct, and that is the whole point of the section.
| 27.5 年years | 住宅出租房Residential rental |
| 39 年years | 商业不动产Nonresidential real property |
| 0 | 土地不折旧Land is not depreciated（只有地上物可以） (only improvements) |
方法是直线法。税法逻辑是「资产会耗损」：房子会旧、会坏、会需要重建，所以可以折旧；土地不会坏，所以不能。买价里土地与地上物的分配，通常参考地产税单上的评估比例，也可以做成本分离研究。
Straight line. The rationale is wear: a building ages and eventually has to be rebuilt, so it depreciates; land doesn't, so it can't. The split between land and improvements usually follows the assessor's ratio, or can be established with a cost segregation study.
算例：$1,000 万怎么拆Worked example: splitting $10M
买价 $1,000 万，拆成土地 $400 万 / 地上物 $600 万。
住宅：$600 万 ÷ 27.5 ≈ $21.8 万 / 年；商业：$600 万 ÷ 39 ≈ $15.4 万 / 年。
同样一栋房子，差额 $6.4 万 / 年，在 40% 税率下每年多省约 $2.56 万。
A $10M purchase splits into $4M of land and $6M of improvements.
Residential: $6M ÷ 27.5 ≈ $218,000 a year. Commercial: $6M ÷ 39 ≈
$154,000.
Same building, a $64,000 annual difference, worth
about $25,600 a year at a 40% rate.
张先生：$20 万租金 → 应税 $0$200,000 of rent, taxed at zero
| 项目Item | 金额Amount | 真的花了钱吗Actually spent? |
|---|---|---|
| 年租金收入Annual rent | $200,000 | — |
| ① 贷款利息Mortgage interest | − $50,000 | ✓ 是✓ yes |
| ② 地产税Property tax | − $50,000 | ✓ 是✓ yes |
| ③ 折旧Depreciation | − $80,000 | ✗ 没有，纸上亏损✗ no, a paper loss |
| ④ 维修保险等Repairs, insurance, etc. | − $20,000 | ✓ 是✓ yes |
| 应税所得Taxable income | $0 | — |
| 实际留在手上的现金Cash actually in hand | ≈ $80,000 | ＝ 折旧金额，免税= the depreciation, untaxed |
本例为示范数字，实际结果取决于贷款结构、房价、租金水平与个人税况。
Illustrative figures: the real outcome depends on the loan, the price, the rent, and the individual's tax position.
但折旧不是白拿的：回吐But depreciation isn't free: recapture
每扣一年折旧，成本基础就降低一年份。卖出时，已扣除的折旧要「回吐」： Unrecaptured §1250 Gain，联邦最高按 25% 课税； 回吐之外的增值才按长期资本利得（最高 20% + NIIT 3.8%）。
Every year of depreciation lowers the cost basis by that much. On sale, the depreciation taken is recaptured as unrecaptured §1250 gain, taxed federally at up to 25%, and only the appreciation beyond that gets long-term capital gain treatment (20% plus the 3.8% NIIT).
所以折旧的准确定位是「递延 + 税率转换」，不是免费： 把税延后几十年（复利价值巨大），并把当年可能按 37%–54.1% 课的普通所得， 转换成将来按 25% 课的回吐所得。 而且它可以不必兑现：透过 1031 继续递延，透过 Step-up 最终归零。
So depreciation is properly described as deferral plus rate conversion, not a free deduction: it pushes the tax out by decades, which compounds, and converts income that would have been taxed at 37%–54.1% into recapture taxed later at 25%. And it need never be realised: a 1031 keeps deferring it, and a step-up eventually zeroes it.
被动亏损限制：同一栋房子，不同的人结果完全不同Passive loss limits: same building, different owners, different results
- 基本规则：出租房属于被动活动，被动亏损原则上只能抵被动收入，不能抵工资。
- The rule: rentals are passive, and passive losses offset passive income, not wages.
- 例外一：积极参与管理者可用最多 $25,000 抵一般收入，但 MAGI 超过 $100,000 起递减，到 $150,000 完全消失。
- Exception one: active participation allows up to $25,000 against ordinary income, phasing out from $100,000 of MAGI and gone at $150,000.
- 例外二：房地产专业人士（REPS）：房地产工时超过全部工作时数的一半且一年逾 750 小时，出租房可视为非被动，亏损可抵主动收入。需有完整工时记录。
- Exception two: real estate professional status (more than half of all working hours in real property trades and over 750 hours a year) makes the rental non-passive so losses can offset active income. It requires contemporaneous time records.
- 没用掉的亏损不会消失：结转到后续年度，或在处分该物业时一次释放。
- Unused losses aren't lost: they carry forward, and release on disposal of the property.
实务含意很直接：年薪 $40 万的工程师和专职房地产投资人，同样买一栋房子， 税务效果天差地别。先确认客户属于哪一类，再谈折旧的价值。
The practical implication is blunt: a $400,000-a-year engineer and a full-time property investor buy the same building to completely different tax effect. Establish which one you're talking to before you talk about depreciation at all.
需要用钱：借出来，不要卖Need money? Borrow, don't sell
借款不是所得。把房产增值的部分透过再融资贷出来使用，这笔钱不课所得税； 而卖出会「实现」增值，触发资本利得税与折旧回吐。 卖 = 缴税；借 = 不缴税。
A loan isn't income. Cash-out refinancing the appreciation isn't taxed; selling realises the gain and triggers both capital gains tax and depreciation recapture. Sell and you pay; borrow and you don't.
而且还有后半段：借出来的钱花掉了，会降低净遗产，而遗产税只算净额。 这一点在下一节会变成关键。
And there's a second half: money borrowed and spent reduces the net estate, and estate tax is computed on the net. That becomes the crux of the next section.
1031 同类交换The 1031 exchange
投资或出租用不动产换投资或出租用不动产，符合条件者， 国税局视同你没有卖过，资本利得税与折旧回吐都递延。 数量不限（一换三、三换五都行），次数不限，理论上可以终身持续递延。
Investment or rental property exchanged for investment or rental property is treated as no sale at all, so both the capital gain and the depreciation recapture defer. There's no limit on the number of properties on either side, and no limit on how many times you do it, so in principle it continues for life.
- 自住房不适用。若要用 1031，须先真实转为出租使用一段时间；实务上一般安排至少两年并保留完整出租证据。这是参考 Rev. Proc. 2008-16 的安全港做法，不是硬性法条年限。
- A primary residence doesn't qualify. It has to be genuinely converted to rental use first, typically for at least two years with proper documentation. That's the Rev. Proc. 2008-16 safe harbour, not a statutory period.
- 2018 年起只适用于不动产，动产（设备、车辆、艺术品）已不再适用。
- Since 2018 it applies only to real property; equipment, vehicles, and art no longer qualify.
两个死线：45 天与 180 天Two deadlines: 45 and 180
| 第 0 天Day 0 | 旧房完成出售（交割日起算，日历日，不是工作日）The relinquished property closes; count calendar days from there, not business days |
| 第 45 天Day 45 | 书面指认替代物业。常用「三物业法则」：最多指认 3 个；或 200% 法则等替代规则Identify the replacement in writing. Usually the three-property rule, or the 200% rule |
| 第 180 天Day 180 | 完成新房过户，且不得晚于该年度报税截止日（含延期），两者取较早者Close on the replacement, and no later than that year's filing deadline including extensions, whichever comes first |
年底做 1031 一定要记得申请报税延期。
12 月卖房，180 天算到隔年 6 月，但不延期的话实际期限是 4 月 15 日，会平白少掉将近两个月。
还有一个直觉陷阱：180 个日历日 ≠ 六个月。
7 月 1 日交割，第 180 天是 12 月 28 日；而「六个月」会算到 1 月 1 日，
那已经是第 184 天。
除联邦公告的灾害延长外，国税局对这个期限不通融。
A year-end exchange has to file an extension. Sell in December and
180 days runs to June, but without an extension the real deadline is April 15,
losing nearly two months for nothing.
And an intuition trap: 180 calendar days is not six months. Closing July 1,
day 180 is December 28; "six months" would be January 1, which is day 184.
Outside federally declared disaster extensions, the IRS does not flex on this.
三个技术要件Three technical requirements
等值或更高
Equal or up
新购价格 ≥ 旧售价格；新贷款额 ≥ 原贷款额；全部售款必须再投入。 差额部分称为 Boot，Boot 要课税。 常见的 Boot：拿了现金出来，或新房贷款变少（债务减轻）。
The new price must be at least the old one, the new debt at least the old debt, and all proceeds reinvested. Any shortfall is boot, and boot is taxable. The usual sources: taking cash out, or taking on less debt.
⚠️ 合格中介 QI：致命要件
⚠️ The qualified intermediary: the fatal one
卖房款必须由合格中介保管；纳税人不得实际收到、也不得推定收到。 钱一旦进了你的账户，交换立即失败，无法补救。 而且 QI 必须在交割之前就安排好，事后才找已经来不及。
The proceeds must be held by a qualified intermediary; the taxpayer can neither actually nor constructively receive them. Once the money touches your account the exchange fails, with no cure. And the QI has to be in place before closing; after the fact is too late.
遗产税与 Step-up：把递延变成免除Estate tax and step-up: turning deferral into exemption
Step-up in Basis（IRC §1014）：持有人过世时，继承人的成本基础重设为过世日的市价， 此前所有未实现增值的所得税全部归零。 $1 买进的股票、过世时市价 $500，继承人的成本就是 $500，那 $499 的增值所得税归零。 对房地产而言：一辈子透过 1031 累积下来的全部递延税负，在过世那一刻一次归零， 折旧回吐也一并归零。
A step-up in basis (IRC §1014): at death the heir's basis resets to the date-of-death market value, and every dollar of unrealised appreciation before that is free of income tax. A share bought at $1 and worth $500 at death gives the heir a $500 basis, and the $499 of gain is gone. For real estate: a lifetime of 1031-deferred tax zeroes out at once, recapture included.
净额 vs 全额：遗产税真正优于资本利得税的原因Net versus gross: why the estate tax can be gentler
| 遗产税Estate tax | 资本利得税Capital gains tax | |
|---|---|---|
| 税率Rate | 联邦最高 40%Up to 40% federal | 加州综合最高 37.1%Up to 37.1% combined in California |
| 课税基数Base | 净遗产（资产 − 负债）The net estate (assets less debt) | 全额增值（售价 − 成本基础）The whole gain (price less basis) |
| 借款的影响Effect of borrowing | 借出来花掉的钱不算在遗产里Money borrowed and spent isn't in the estate | 不论借了多少，都按全额增值课However much was borrowed, the full gain is taxed |
| 免税额Exemption | 有（2026 年 $1,500 万 / 人）Yes ($15M per person in 2026) | 没有None |
| 继承人的增值税Heir's gain | Step-up，归零Stepped up, zero | 另有折旧回吐（最高 25%）Plus recapture at up to 25% |
单看税率，40% > 37.1%，遗产税更高。但看基数，遗产税算净额、资本利得税算全额， 差别在这里。
On rate alone, 40% beats 37.1% and the estate tax looks worse. On base, one is computed net and the other gross, and that's the whole difference.
$100 万涨到 $5,000 万$1M grown to $50M
| A · 生前卖掉A · Sell during life | B · 借款花用 + 过世传承B · Borrow, spend, and pass on | |
|---|---|---|
| 中途操作What happens | 直接出售Sold outright | 再融资借出 $3,000 万花用（不课所得税）$30M refinanced out and spent (not income) |
| 课税基数Taxable base | 增值 $4,900 万（贷款不影响）The $49M gain (borrowing is irrelevant) | 净遗产 $2,000 万（$5,000 万 − $3,000 万）A $20M net estate |
| 继承人的成本基础Heir's basis | —（已卖出）— (already sold) | Step-up 至 $5,000 万 → 增值所得税归零Stepped up to $50M, so the income tax on the gain is zero |
本例为示范，实际须考量贷款成本、利率风险、州税、赠与税整合与流动性。而「借款成本」这一项不是小事：$3,000 万的贷款每年的利息是真金白银，这一策略只有在资产的增值与现金流能长期覆盖利息时才成立。
An illustration, subject to borrowing cost, rate risk, state tax, gift tax integration, and liquidity. And the borrowing cost isn't a footnote: interest on $30M is real money every year, and the strategy only works while appreciation and cash flow cover it over the long run.
2026 的免税额The 2026 exemptions
| $1,500 万万 ($15M) | 每人终身免税额，2026 年起并已永久化Per person, lifetime, from 2026 and made permanent |
| $3,000 万万 ($30M) | 夫妻合计，透过 Portability 可移转未用额度A couple, with portability of the unused amount |
| $19,000 | 2026 年度赠与免税额，每位受赠人 / 每年The 2026 annual gift exclusion, per recipient |
| $60,000 | 非居民外国人（NRA）在美资产的遗产税免税额，与美国身份相差 250 倍The exemption for a non-resident alien's US-situs assets, 250 times smaller |
最后那一行值得单独讲。$60,000 对 $1,500 万， 对还没拿到身份、但已经在美国持有资产的客户来说，这是一个数量级的差别， 而很多人完全不知道。
The last row deserves its own moment. $60,000 against $15 million is an order-of-magnitude difference for a client who holds US assets without US status, and most of them have no idea.
加州的双重 Step-upCalifornia's double step-up
夫妻共有财产州
Community property states
加州、内华达、德州、亚利桑那等。一方过世时，夫妻共有财产 100% 全额 Step-up； 第二位过世时，再享受一次全额 Step-up。一辈子可以享受两次全额垫高。 （IRC §1014(b)(6)）
California, Nevada, Texas, Arizona and others. On the first death the whole community property steps up, and on the second death it steps up again. Two full step-ups in one lifetime. (IRC §1014(b)(6))
非共有财产州
Non-community property states
多数东岸与中西部州。一方过世时，只有过世一方的一半取得 Step-up， 存活配偶那一半维持原成本基础，增值税只免掉一半。
Most of the east coast and midwest. On the first death only the decedent's half steps up; the survivor's half keeps its original basis, so only half the gain gets relief.
所以文末的行动清单里有这一条：检查房产的持有登记方式。 在加州，登记方式决定你拿到的是 100% 还是 50% 的 Step-up， 改一张纸，可能差几十万。
Which is why the action list at the end includes: check how the property is titled. In California the form of title decides whether the step-up is 100% or 50%. Changing one piece of paper can be worth six figures.
赠与 vs 遗产：传承的铁律Gift versus inheritance: the iron rule
| 生前赠与Lifetime gift | 身后继承Inheritance | |
|---|---|---|
| 成本基础Basis | 结转基础：受赠人继承你的原始成本Carryover: the recipient takes your original cost | 垫高基础：以过世日市价为成本Stepped up: date-of-death market value |
| 未实现增值Unrealised gain | 跟着资产一起转移给受赠人Transfers with the asset | 全部归零Eliminated |
| $100 万成本、现值 $5,000 万$1M cost, $50M value | 赠与税按 $5,000 万算，孩子的成本仍是 $100 万，将来卖出仍要就 $4,900 万课税Gift tax on $50M, and the child's basis is still $1M, so a future sale is taxed on $49M | 遗产税按净额算，孩子的成本 = $5,000 万，立刻卖出，增值税为零Estate tax on the net, and the child's basis is $50M, so an immediate sale has no gain |
铁律：高增值资产走遗产，低增值资产与现金走赠与。
The rule: highly appreciated assets go through the estate; low-basis-gap assets and cash go by gift.
拿加拿大做对照，很有说服力：
加拿大没有遗产税，听起来很好，但过世时「视同处置」，须就全部未实现增值缴资本利得税，
而且没有 Step-up。
对照算例：$50 万买入、现值 $1,000 万。
美国：过世时 Step-up 至 $1,000 万 → 所得税 $0。
加拿大：增值 $950 万，计入 50% = $475 万，按顶级边际约 53.5% → 税额约 $254 万。
（$950 万 × 50% × 53.5% = $254 万。）
「没有遗产税」的代价，是没有 Step-up。
The comparison with Canada is persuasive:
Canada has no estate tax, which sounds good until death triggers a deemed disposition
taxing all unrealised gain, with no step-up.
The example: bought at $500k, worth $10M.
In the US, a step-up to $10M and no income tax. In Canada, a $9.5M gain, half of it
included, at a top marginal rate around 53.5%, roughly $2.54M.
($9.5M × 50% × 53.5% = $2.54M.)
The price of no estate tax is no step-up.
四个篮子：让前面所有工具变得安全的前提Four baskets: what makes everything above safe
这一节是整堂课的安全带： 错的是裸着上杠杆，杠杆本身没错。
This is the seatbelt: the mistake is unhedged leverage, not leverage itself.
现金流
Cash flow
稳定的现金流来源。房租只是其中一小部分，因为房租会因空置而中断。
Reliable income. Rent is only a small part of it, because rent stops when the unit is empty.
短中期投资
Near-term reserves
流动性与中期需求的资金池。应付突发支出、机会，以及杠杆部位的缓冲。
Liquidity for the next few years: surprises, opportunities, and a buffer under the leveraged positions.
股票投资
Equities
长期成长部位。波动大，但时间够长就是主要的增值来源。
The long-term growth position. Volatile, and over a long enough horizon the main source of appreciation.
出租房产（含贷款）
Leveraged rental property
折旧、1031、Step-up 的载体，也是风险最集中的一篮。
Where depreciation, 1031, and the step-up all live, and where the risk is most concentrated.
顺序是：先垫底，再进攻。 篮一和篮二的作用是让你在最坏的时候不必被迫卖，不是赚钱。 空置、利率上升、市场下跌的时候有前两篮撑着，就不必贱卖资产，也不必中断策略。
The order: build the floor before you attack. Baskets one and two are there so you never have to sell at the worst moment, not to make money. With them underneath, a vacancy, a rate rise, or a market fall doesn't force a sale and doesn't break the plan.
而且这一条直接护住了前面所有内容： 被迫卖出会让整套 1031 递延与 Step-up 策略一次作废。 有一个问题值得直接拿去问客户： 「如果出租房空置六个月、同时利率上升两个百分点，我需要卖掉任何东西吗？」 如果需要，前两篮就不够。
And it protects everything above it: a forced sale voids the entire 1031-and-step-up strategy in one move. One question is worth asking a client directly: "if a rental sat empty for six months and rates rose two points at the same time, would I have to sell anything?" If the answer is yes, the first two baskets aren't big enough.
讲这一课要守住的五条Five things to hold to when presenting this
- 不要说「放美国就没事」，也不要用「避税天堂」这个词。 信息流向 ≠ 纳税义务： 中国税务居民在美国账户取得的所得，在中国法下依然有申报义务。 要讲就讲前面那个主张：选定一个税务居住地，把该缴的税缴好。
- Don't say "it's fine if it's in the US," and don't use the words "tax haven." Information flow is not the filing obligation: a Chinese tax resident still reports income from a US account under Chinese law. Use the thesis from earlier instead: choose one tax residence and pay properly there.
- 「移民前形成的资产不课税」只讲了一半。 不课税的是本金；取得身份之后的收入与增值照样应税， 而且美国不给身份取得日的成本重置。 再加上 PFIC 的问题。这两件事都要在取得身份之前问，过了就没有选择权了。
- "Assets formed before immigrating aren't taxed" is half a sentence. The untaxed part is the principal; income and appreciation after you acquire status are fully taxable, and the US gives no basis reset on the day status begins. Add the PFIC problem, and both questions have to be asked before status is acquired. Afterwards there is no choice left to make.
- 「$100 万 30 年长到 $1,000 万」要说出它的 8% 假设。 不说，就变成了一个普遍结论。
- The $1M-to-$10M figure needs its 8% assumption said out loud. Without it the number reads as a general result.
- 「把三分之二到四分之三转为 non-taxable」是目标设定，不是承诺。 客户能做到多少，完全取决于他的收入结构、资产形态和身份。 这句话说成结果，就变成了承诺。
- "Convert two-thirds to three-quarters to non-taxable" is a goal, not a promise. How much any client can actually do depends entirely on their income shape, their assets, and their status. Stated as an outcome, it becomes a guarantee.
- 守住这条边界：本课只处理税务架构，不涉及任何产品。 人寿保险跟税的关系另外讲，因为草率地讲，比不讲更危险。 在这一课里掏出一份计划书，就把这一课最值钱的可信度毁掉了。
- Hold the boundary: this session is tax architecture and contains no product. Life insurance is deliberately left for separate treatment, because covering it carelessly is worse than not covering it. Producing an illustration in this session destroys the single most valuable thing it has, its credibility.
六件可以现在就做的事Six things to do now
用文号查证
Verify by document number
财政部 税务总局公告 2026 年第 21 号。 如果客户或家人在 2023 年之后有离岸信托安排，90 天补缴窗口正在跑。
MOF/STA Announcement 2026 No. 21. If a client or their family has had an offshore trust since 2023, the 90-day window is running.
算一次实质居留天数
Run the presence test
当年 ＋ 前一年 ÷3 ＋ 前二年 ÷6。不要用「半年」这个直觉。
This year, plus a third of last, plus a sixth of the year before. Don't estimate it as "about half a year."
检查六个「美国指标」
Check the six indicia
移民前把所有海外账户的出生地、地址、电话、转信、授权人、汇款路径逐项过一遍。
Before immigrating, go through every foreign account's birthplace, address, phone, mailing address, signatories, and transfer patterns.
确认 FBAR 与 8938 都报了
Confirm both filings
两者是分开的。任一时点 $10,000 / 依身份四档门槛。
They're separate. $10,000 at any point, and the four-tier threshold by status.
检查房产的持有登记方式
Check how property is titled
在加州，登记方式决定你拿 100% 还是 50% 的 Step-up。改一张纸，可能差几十万。
In California it decides whether the step-up is full or half. One piece of paper, six figures.
问自己一个问题
Ask yourself one question
「如果出租房空置六个月、同时利率上升两个百分点，我需要卖掉任何东西吗？」 如果需要，前两篮就不够。
"If a rental sat empty six months while rates rose two points, would I have to sell anything?" If yes, the first two baskets are too small.
最后一句： 税率是国会定的，你改不了；应税基数是你可以合法安排的，功夫都在这里。
One last line: Congress sets the rate and you can't change it; the base is what you can lawfully arrange, and that is where all of the work is.
内部培训资料，仅供签约经纪人使用，不可转发给客户。 文中所引法规、公告文号与数据截至成稿时； 税法与国际信息交换规则变动频繁，使用前请自行确认最新版本。 所有税务结果高度依赖个人具体情况（居住地、税务身份、资产结构、持有期间、婚姻状态等）， 相同的工具，不同的人，结果可能完全不同。 本页不构成税务、法律、会计或投资建议，亦不构成任何证券或保险产品的要约或推荐； 任何具体安排，请事先咨询客户自己的税务师（CPA / EA）、律师与跨境税务专业人士， 并取得书面的个案意见。
Internal training material for contracted agents; not for forwarding to clients. Statutes, announcement numbers, and data are current as of writing; tax law and information-exchange rules change frequently, so confirm the current version before use. Every tax outcome depends heavily on the individual (residence, tax status, asset structure, holding period, marital status), so the same tool can produce entirely different results for different people. This page is not tax, legal, accounting, or investment advice, and it is not an offer or recommendation of any security or insurance product. Any specific arrangement must first be reviewed by the client's own CPA or enrolled agent, attorney, and cross-border tax specialist, with a written opinion on the facts.