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How can I make my EB-5 application costs benefit me at tax time?

I am a legal U.S. resident on an H-1B visa. If I invest in EB-5, how can I my application better for my taxes? Can I deduct the regional center fees and/or attorney fees on my income taxes?

Answers

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    You need to ask an experienced accountant these questions.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    Based on experience, such tax exemptions are rarely acceptable. However, it is advisable to consult a tax attorney or tax preparation specialist.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    Regional center fees would generally not be deductible.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    I doubt that you can deduct immigration legal fees or the regional center administrative fees from your income as an H-1B worker.

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    Charles Foster

    Immigration Attorney
    Answered on

    As an H-1B visa holder residing in the U.S. you would be subject to taxation on your worldwide income. You would most likely not be able to deduct the expenses that you incur with respect to your EB-5 investment, including the regional center administrative fee and your attorney fees on your Form 1040 tax return, given the fact that they would not be viewed as a business expenses. However, you should talk to your tax advisor on this question.

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    Uche Nwaneri

    Immigration Attorney
    Answered on

    For business entities, some expenses are eligible for deduction. I would recommend you consult an accountant to advise if regional center and attorney fees are eligible for deduction.

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    Stephen Berman

    Immigration Attorney
    Answered on

    That is a question for an accountant, not an immigration lawyer.

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    Mark AM Catam, Esq

    Immigration Attorney
    Answered on

    It is something you would have to discuss with a tax attorney.

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    Sarah Xiao Qian Mu

    Immigration Attorney
    Answered on

    You should ask your CPA on how to save on your taxes based on your investment and spending.

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    Belma Chinchoy

    Immigration Attorney
    Answered on

    You should consult with a tax attorney (whose legal fees will not be tax-deductible).

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    Dale Schwartz

    Immigration Attorney
    Answered on

    You need to ask these questions to your accountant or to a tax lawyer. I am pretty sure the regional center fees are not tax-deductible. Some people say the legal fees might be.

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    Marisa Casablanca

    Immigration Attorney
    Answered on

    Anyone applying for a residency based on an EB-5 petition must consult a tax attorney. It is important that assets be structured appropriately to make sure that you are in compliance with U.S. tax laws when you invest in the U.S. The tax attorney will also guide you on future deductions and tax consequences.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    As far as I know, EB-5 is like any other investments in Vanguard or Fidelity that you may have. Unless those investment fall under IRA or some other accepted pre-tax retirement funds, I do not think investing in them or paying their administration fee would be deductible. But, as this is a tax question and not an immigration question, you should consult with a tax accountant or tax lawyer.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    That sounds like a great question for an international tax attorney or CPA. As an immigration attorney, I am fortunate to have worked with several of each that I trust can help you.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    This is something you need to discuss with an accountant or a tax advisor.

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    Michael A Harris, Esq

    Immigration Attorney
    Answered on

    You will need to speak to a tax accountant to determine whether the professional fees and investment administrative fees are deductible.

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