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When must an EB-5 investor apply for an SSN and TIN?

When must an EB-5 investor apply for an SSN and TIN? My I-526 was just approved and I have started to receive project profit distributions. Do I need to declare my income tax now or do I wait until I move to the United States with my immigration visa?

Answers

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    Check with your tax advisor. An approved I-526 does not give you any benefit at all, including applying for a SSN. You can use your TIN for tax purposes until you become a conditional permanent resident.

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    Karen-Lee Pollak

    Immigration Attorney
    Answered on

    You can wait until you move to the United States. Your permanent residency is not activated until you enter for the first time with an immigrant visa. A TIN does not apply to you. It is for people without status in the United States.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    Typically, a Social Security Number (SSN) is not issued to anyone who is not admitted into the country. All applicants for immigrant visas are usually asked if they want to apply for an SSN or not when completing their application, Form DS-260. Anyone who answers in the affirmative will be sent an SSN upon arrival in the United States. Otherwise, any immigrant can simply wait and apply after their arrival in the United States to apply for the SSN. Since you are not in the United States right now, the Tax Identification Number (TIN) may not be appropriate at this moment, but upon entry, all your earnings, particularly from the United States, are likely to be subject to taxation. Advisably, consult a tax attorney for further assistance.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    It may be best to wait until you enter, but each person is unique in their needs, so working with a team of professionals is important.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    You will receive the SSN number when you are actually in the United States after receiving the immigrant visa. I-526 approval just gives you the right to apply for the immigrant visa (DS-260).

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    Charles Foster

    Immigration Attorney
    Answered on

    An EB-5 investor could only apply for an SSN once his petition has been approved and he or she has applied for an immigrant visa and/or adjustment of status and has acquired lawful permanent residency. You can file for a TIN at any time given the fact that you have U.S. source of income. In terms of whether or not you need to declare your income tax now, I would refer you to a tax advisor who specializes in U.S. income tax, be that an attorney or an accountant. However, normally one would pay taxes on their U.S. source of income even if a non-resident of the United States.

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    John J Downey

    Immigration Attorney
    Answered on

    You should apply now for the SSN or TIN. If you are earning money in the United States, you need to file with the IRS.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    They should apply as soon as they are eligible to obtain one. See IRS Publication 515, which has a lot of useful information.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    You can apply for an ITIN with your tax return or wait until you immigrate and get a Social Security Number, whichever happens sooner.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You will need to obtain an ITIN by filing Form W-7 with the IRS. You will file your Federal Form 1040NR as a nonresident alien to declare passive income (distributions) from the partnership for taxable year 2016 by a due date. The partnership should issue you Form K-1 (IRS Form 1065) and any state Form K-1 as applicable to report your distributions for taxable year 2016. Depending on which state your project is in, you may or may not be required to file a state income tax declaration as a nonresident alien. Check with a CPA who will be able to advise you and prepare the required forms for you. When you move to the United States after your immigrant visa is issued by a U.S. embassy abroad, you will become a conditional permanent resident upon admission to the United States and will then receive your Social Security Number. You will then file your 1040 and use your SSN to report income tax as a lawful permanent resident (green card holder). Lawful permanent residents and U.S. citizens are required to file taxes based on their worldwide income. They are also subject to FBAR reporting as applicable. A CPA should be able to guide you.

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    Wilka Toppins

    Immigration Attorney
    Answered on

    You can apply for an SSN once you receive your conditional green card. You should be paying income tax on any gains or income you receive in the United States, regardless of whether you are a green card holder or not.

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