(LIVESTREAM) US Pre Immigration Tax Planning
Details
To register click the link below:
A talk with William Funk and Derren Hayden Joseph.
Timing a non-resident's status is crucial in terms of U.S. tax planning. Once an individual becomes a U.S. resident for tax purposes, they will be subject to U.S. income taxes on worldwide income and estate and gift taxes on worldwide assets. Therefore, pre-immigration tax planning should be done before an immigrant becomes a U.S. resident alien to achieve the best possible results and minimize taxes.
Some pre-immigration tax planning strategies to consider include:
1. Recognizing capital gains on appreciated assets: Before becoming a U.S. resident, it may be advantageous to sell appreciated assets such as real estate, stocks, or shares in privately held companies to realize the capital gains while still being a non-resident. By doing so, the individual can potentially benefit from lower tax rates in their home country or avoid U.S. capital gains taxes.
2. Accelerating income and deferring deductions: Non-residents may have the option to accelerate income (e.g., bonuses, contract payments) and defer deductible expenses to a later tax year.
3. Transferring appreciated assets to a foreign trust: Establishing a foreign trust and transferring appreciated assets into it can be a valuable tool for pre-immigration tax planning. This allows the assets to be outside the U.S. tax net, potentially reducing the tax burden on future gains and income generated by the assets.
It's important to note that an individual is considered a U.S. resident alien for a calendar year if they meet either the green card test (holding a lawful permanent resident status) or the substantial presence test. The substantial presence test considers the number of days an individual spends in the U.S. over a three-year period, counting full days in the current year, one-third of the days in the previous year, and one-sixth of the days in the year before that. If the total equals or exceeds 183 days, the individual is considered a U.S. resident for tax purposes.
Keep in mind that tax laws can be complex, and individual circumstances may vary, so it's essential to consult with a qualified tax advisor or attorney specializing in international tax matters to develop a personalized pre-immigration tax plan that suits your specific situation.
Speakers;
William Funk ( Sole Proprietor of The Law Office of William M. Funk (Taxation)
Derren Joseph (Partner, Hayden T. Joseph & Co. )
NOTES:
1. Link for this event: https://www.facebook.com/htj.tax/live/
2. Submit questions in advance - Hanna@AdvancedAmericanTax.com
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(LIVESTREAM) US Pre Immigration Tax Planning