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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

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    Salvatore Picataggio

    Immigration Attorney
    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.

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    Ying Lu

    Immigration Attorney
    Answered on

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

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

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

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    Charles Foster

    Immigration Attorney
    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.

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    Julia Roussinova

    Immigration Attorney
    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.

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    Irina Rostova

    Immigration Attorney
    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.

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    Lynne Feldman

    Immigration Attorney
    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.

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    Dale Schwartz

    Immigration Attorney
    Answered on

    You must disclose all your worldwide income.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

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

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    A Olusanjo Omoniyi

    Immigration Attorney
    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.

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    BoBi Ahn

    Immigration Attorney
    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.

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