Taxes for the year of inmigration

[kzielu 1,149]

Can someone point me to the good resource on filing us taxes for a year when you obtain GC and had income in the home country ? Or share an experience how you dealt with it ?

As far as I read becoming a permanent resident makes all your income (non-US one too) taxable regardless of length of your presence in US - true ?

Does it mean then I will haveto pay US tax for my home country income (that I paid home country tax for and it was not small) ?

I got LPR status on Nov21st and started US employment on Dec12th.

How people deal with it ? Am I missing anything obvious here (other than not admitting foreign income which is unlawful and can lead to revoked citizenship/deportation as per recent VJ example) ?

[Gosia & Tito 199]

Can someone point me to the good resource on filing us taxes for a year when you obtain GC and had income in the home country ? Or share an experience how you dealt with it ?

As far as I read becoming a permanent resident makes all your income (non-US one too) taxable regardless of length of your presence in US - true ?

Does it mean then I will haveto pay US tax for my home country income (that I paid home country tax for and it was not small) ?

I got LPR status on Nov21st and started US employment on Dec12th.

How people deal with it ? Am I missing anything obvious here (other than not admitting foreign income which is unlawful and can lead to revoked citizenship/deportation as per recent VJ example) ?

Generally, you would not pay taxes twice . There is a double taxation treaty (US-Poland)which goes over that. As well, there are tax exclusions (income or tax, but not both) while living in other countries, etc: in a nutshell you claim the income/tax and then exclude them from your US taxes.

I am also investigating the same because my wife (we married late last year) is Polish, would be considered LPR as married to me, and will be paying Poland taxes in April (for last year), while at same time we will be filing jointly.

So far, the simplest way (to me) seems to use the income exclusion (and there are forms); but also, I'm going to estimate what the taxes will be if 'married filing separately' (which might not be the best for our case but not for tax reasons) and claiming the tax exclusion. Basically, you file under whichever manner gives you the lowest tax.

This is probably beyond what TurboTax and alike software can handle and as well, I wouldn't go by what anyone at HR Block and similar places can say or tell.

I'm pretty good interpreting tax regulations, but will still probably do a check with an accountant knowledgeable on this kind of situations.

[I AM NOT THAT GUY 5,715]

http://www.irs.gov/businesses/article/0,,id=180946,00.html

http://www.irs.gov/businesses/small/international/index.html

http://www.irs.gov/businesses/small/international/article/0,,id=96734,00.html

[Athena13 10]

i'm wondering about the same thing, those IRS web links are no longer valid, searching on it i can't see much relevant clear info.

oversea income is like work, rental property right?

I don't have a job here in the US, does it make it easier? and I don't have a job outside US or any rental properties.

then I don't have to file any tax thing?

[I AM NOT THAT GUY 5,715]

i'm wondering about the same thing, those IRS web links are no longer valid, searching on it i can't see much relevant clear info.

oversea income is like work, rental property right?

I don't have a job here in the US, does it make it easier? and I don't have a job outside US or any rental properties.

then I don't have to file any tax thing?

You would file with your husband, on a joint return. That should save you both a lot of money on taxes he owes.

[kzielu 1,149]

i'm wondering about the same thing, those IRS web links are no longer valid, searching on it i can't see much relevant clear info.

oversea income is like work, rental property right?

I don't have a job here in the US, does it make it easier? and I don't have a job outside US or any rental properties.

then I don't have to file any tax thing?

Yes, you have to. You have to disclose your entire income regardless of where earned. If you paid tax on your income from other country there and there is tax-treaty between this country and US, you won't have to pay anything. If you didn't pay, then not only you have to file, you may need to pay tax in US.

[Athena13 10]

ok I see. thank you two!

what about money from relatives as gifts? does it count as income? even if i leave that money in my overseas bank account, not bringing into US?