§ 8.11 Implications of Obtaining Lawful Permanent Residence in the United States

• Library: Rights of Foreign Nationals (OSBar) (2020 Ed.)

§ 8.11 IMPLICATIONS OF OBTAINING LAWFUL PERMANENT RESIDENCE IN THE UNITED STATES

Following is a list of items that a nonresident should consider before applying for to be an LPR in the United States:

(1) An LPR has a relatively permanent responsibility to timely file a U.S. income tax return each year and to report worldwide income.

(2) A foreign tax credit and a foreign earned-income exclusion can be claimed on the U.S. return to minimize any inherent double taxation; however, there can be surprising differences between what is not taxable in a foreign country and what is taxable in the United States (e.g., sale of a personal home, paying off a foreign-currency-denominated loan, and lump-sum...