What must be disclosed when filing tax returns as an EB-5 investor? - EB5Investors.com

What must be disclosed when filing tax returns as an EB-5 investor?

I am from Vietnam and an EB-5 investor. Last year, I received my green card. When filing tax returns, do I need to disclose my income, assets, and personal bank accounts I had prior to becoming an EB-5 investor and a resident of the United States? Thank you for your time.

Answers

Salvatore Picataggio

Salvatore Picataggio

Immigration Attorneys
Answered on

I am not a tax attorney but what I do know is that, once you are a permanent resident, you are taxed on worldwide income. Please consult with a tax attorney or CPA to help you.

Ying Lu

Ying Lu

Immigration Attorneys
Answered on

I would suggest you consult an accountant/CPA regarding those questions because the answer will vary case by case.

Bernard P Wolfsdorf

Bernard P Wolfsdorf

Immigration Attorneys
Answered on

As a permanent resident, you are taxable on worldwide income. It may be advisable to consult with a tax specialist.

Charles Foster

Charles Foster

Immigration Attorneys
Answered on

Your question is really not an immigration law or even an EB-5 question, but a United States tax law question. When anyone files a tax return form 1040, you must, as a lawful permanent resident, disclose your worldwide income but not your assets. The tax only includes income and you will receive the appropriate tax reductions. Should you pay taxes overseas, you could very well be entitled to a Foreign Tax Credit. Again, you would not have to show any personal assets or personal funds that you had prior to becoming a permanent resident of the United States via the EB-5 Program.

Julia Roussinova

Julia Roussinova

Immigration Attorneys
Answered on

Once you become a permanent resident, you must report your worldwide income and also comply with asset and foreign bank accounts reporting requirements as applicable. Talk to a tax attorney or CPA who will be able to guide you through the correct procedures and also explain any applicable tax breaks.

Irina A. Rostova

Irina A. Rostova

Immigration Attorneys
Answered on

As a resident, you should disclose all assets and bank accounts that you have worldwide. But you need the advice of a tax attorney to make sure you comply with all laws and limit your tax exposure as much as legally possible.

Lynne Feldman

Lynne Feldman

Immigration Attorneys
Answered on

I would suggest consulting an expert in international taxes as you are required to report both your United States income and any foreign income.

A Olusanjo Omoniyi

A Olusanjo Omoniyi

Immigration Attorneys
Answered on

As part tax filing, you will need to disclose all income, assets and expenses. Advisably, considering that some of your earnings might have been earned outside the United States, contact an accountant/tax preparer with international taxation practice to ensure all earnings and expenses are properly stated.

Vaughan de Kirby

Vaughan de Kirby

Immigration Attorneys
Answered on

This is a very important question that should be addressed by your United States CPA who is experienced in international taxation issues.

Dale Schwartz

Dale Schwartz

Immigration Attorneys
Answered on

You must disclose all your worldwide income.

BoBi Ahn

BoBi Ahn

Immigration Attorneys
Answered on

This is a question you should discuss with your accountant/CPA but, based on my limited knowledge of tax law, you are only assessed for worldwide income after becoming a United States resident.

DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.