7 Tax Warnings for Green Card Holders in Under 10 Minutes (Golding & Golding, Board Certified)

Tax Warnings for Green Card Holders in Under 10 Minutes (Golding & Golding, Board Certified Tax Law Specialist)
While becoming a US Permanent Resident/Green Card Holder can have significant immigration benefits, it is important to also consider the U.S. tax implications associated with becoming a permanent resident as well. That is because as a permanent resident, a taxpayer is taxed on their worldwide income. While some taxpayers may consider making a treaty election if they qualify, it may conflict with their permanent resident status due to the number of days they are required to reside in the United States. In addition, taxpayers who become Permanent Resident/Green Card Holders may become subject to an exit tax -- depending on whether they meet one of the tests of being a covered expatriate. Let's look at six important tax considerations for foreign nationals who are considering becoming a permanent resident/green card holder of the United States.