Got an immigrant visa in the passport, now what?

[andrewned]

Ladies and Gentlemen,
I have finally received so much wanted immigrant visa (will be green card eventually) in my passport.
Now what? What should be mu course of actions?
I have read lots about what to do to get the visa but not much about what happens after you’ve got it.

- Should I have a list of things to follow if I’m going to bring my belongings later?
- What if I have a property in another country and will sell it later. I do not want to pay taxes on it as an income if I transfer the money to US?
- Should I go to Social Security office and request SSN number or it will be automatically sent to my address mentioned in the paperwork given ant the interview?
- Can I get a bank account opened without having SSN?

Thank you in advance.

[Jackolantern]

The US taxation or lack thereof of the sale of your non-US property isn't dependent on whether you transfer the money from the sale into the US. The tax is due if a taxable sale happens, regardless of where you send or keep the money.

If there is US tax on it, it would be capital gains tax on the profit you made (net after closing costs when you bought and commissions when you sold) from from selling the property. For properties in the US there are exemptions if the property was your primary residence for a certain number of years and the profit was below a certain limit, but I am not if that would apply to non-US property.

If there are US taxes due, it would likely be several thousand dollars (unless your profit was very small or nonexistent), so you should see a tax accountant or firm in the US that specializes in foreign relocations into the US so that you pay the correct amount of US tax and accurately get all the exemptions, deductions, and credits that you are eligible for (e.g. there may be deductions and/or credits available if you paid tax to the country where the property is located).

[Jackolantern]

You will also probably have to pay taxes on the income you earned in your country from the beginning of the year until you left there, due to the requirement for green card holders to pay tax on worldwide income. However, if you paid taxes to that country on that income, there are tax credits and/or deductions and/or treaties available to reduce or eliminate US taxes on that income, so check with a tax professional (but not a common place H&R Block where they aren't good at returns involving foreign taxation).

[andrewned]

Thank you, Jackolantern, for your feedback!

I will be certainly seeking for professional tax advise when in US. I found it difficult to get when outside US though. I will look for someone in Toronto but for now didn't find anyone good.

There should some allowances for bringing money and property into US without paying taxes and duties for new immigrant moving into US especially first time. What if I want to take my car and collectible motorcycle with me and grab my 3 million bucks (joking here)?

[TheRealCanadian]

Originally Posted by andrewned

There should some allowances for bringing money and property into US without paying taxes and duties for new immigrant moving into US especially first time.

If the money has already been taxed, you won't get taxed again simply by moving it to the US. Why do you think you would?

[Jackolantern]

Originally Posted by andrewned

I will be certainly seeking for professional tax advise when in US. I found it difficult to get when outside US though. I will look for someone in Toronto but for now didn't find anyone good.

You're moving from Canada? You should be able to find several firms that know about Canada->US relocation.

[Jackolantern]

Originally Posted by TheRealCanadian

If the money has already been taxed, you won't get taxed again simply by moving it to the US. Why do you think you would?

Because (1) maybe it wasn't taxed in that country, as some countries have no capital gains tax on real estate, and (2) some countries don't tax income from foreign sources unless the income is for work done within the country or the money is brought into the country. The US doesn't operate like that, but if they did, the gain from the sale would not be taxed by the US unless the money was brought into the US.

But I doubt Canada is like that, so if the poster is coming from Canada it would be strange to expect that the taxation would depend on whether the money is brought into the US, unless the poster had previously lived in a country with taxation rules like that.

[Hannah7]

If I am gc holder and earn some money in foreign country, I will have to pay taxes from that income in the U.S.??

[Jackolantern]

GC holders and US citizens have to pay US taxes on worldwide income. However, there are deductions, tax credits, exemptions and/or treaties which may be applicable, so in most cases there will not be a large amount (if any) of double taxation. Of course, it can be complicated to figure out what the applicable rules are, so it may be necessary to obtain the assistance of a tax professional.

[TheRealCanadian]

Originally Posted by Jackolantern

The US doesn't operate like that, but if they did, the gain from the sale would not be taxed by the US unless the money was brought into the US.

I agree - I am more addressing the curious notion the OP has that if he enters the US with (say) $150,000 it would all be treated and taxed as income which is clearly not the case.

[Hannah7]

Originally Posted by Jackolantern

GC holders and US citizens have to pay US taxes on worldwide income. However, there are deductions, tax credits, exemptions and/or treaties which may be applicable, so in most cases there will not be a large amount (if any) of double taxation. Of course, it can be complicated to figure out what the applicable rules are, so it may be necessary to obtain the assistance of a tax professional.

If this is true, it's very very strange. If I decide to stay one year in EU (and still u.s. gc holder) I will have to pay taxes in EU + taxes to U.S government ... ??!?

I obviously wont use SSN and/or U.S. bank account while temporary work abroad, so what happens if I only show my earnings from U.S. on the IRS form?

[TheRealCanadian]

Originally Posted by Hannah7

If this is true, it's very very strange. If I decide to stay one year in EU (and still u.s. gc holder) I will have to pay taxes in EU + taxes to U.S government ... ??!?

There's nothing strange about it, and it's certainly true. You claim a tax credit or a deduction for the foreign taxes paid. I do it every year for my foreign dividends; it's straight-forward and nothing is taxed twice.

I obviously wont use SSN and/or U.S. bank account while temporary work abroad, so what happens if I only show my earnings from U.S. on the IRS form?

You are committing tax evasion, which is a felony.

[Hannah7]

Originally Posted by TheRealCanadian

There's nothing strange about it, and it's certainly true. You claim a tax credit or a deduction for the foreign taxes paid. I do it every year for my foreign dividends; it's straight-forward and nothing is taxed twice.

Well I believe you, however my origin country also don't wanna know what I earn in the U.S.

USA is said to be the home of a liberty ... but this is like big brother.

Originally Posted by TheRealCanadian

You are committing tax evasion, which is a felony.

Tax evasion is a felony, but I wouldn't call it like that, because I honestly pay all taxes in a foreign country.

[Triple Citizen]

It is not big brother enough to stop you from leaving forever. Trust me on that one!!!

Originally Posted by Hannah7

USA is said to be the home of a liberty ... but this is like big brother.

[Jackolantern]

Originally Posted by Hannah7

I obviously wont use SSN and/or U.S. bank account while temporary work abroad, so what happens if I only show my earnings from U.S. on the IRS form?

Then you are taking a gamble that the IRS won't ever find out. Which isn't such a good gamble these days, with the various surveillance of money transfers and the information-sharing that happens between the US and other countries.

[Jackolantern]

Originally Posted by Hannah7

Tax evasion is a felony, but I wouldn't call it like that, because I honestly pay all taxes in a foreign country.

If the other country's tax rates are lower than the US, you will probably owe taxes on that income to the US because the foreign tax credits provided by IRS rules probably won't fully cover it. That is definite tax evasion from the IRS perspective.