Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
I am in a similar boat, deciding whether to give up GC in Dec 2018 or in 2019. Can you please let us know what you did and how was the experience?
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
@sjc2pnq I followed case 2 in my post above. I surrendered GC in Jan 2017 before my first Indian paycheck that year. Hopefully my tax return is simple.
@dheeraj1974, I was in 2 minds, so I did file FBAR in 2017, but I don't think I have to file FBAR any more now from 2018 onwards.
@dheeraj1974, I am still researching on final question while filing my tax return for 2017 with IRS.
Since I was a GC holder for 7 years (including the year that I relinquished it), I do not satisfy the 8 out of 15 year criterion for Long-Term Resident. So do I need to file Form 8854?
Are you planning to file form 8854? How many years were you a GC holder?
@dheeraj1974, I was in 2 minds, so I did file FBAR in 2017, but I don't think I have to file FBAR any more now from 2018 onwards.
@dheeraj1974, I am still researching on final question while filing my tax return for 2017 with IRS.
Since I was a GC holder for 7 years (including the year that I relinquished it), I do not satisfy the 8 out of 15 year criterion for Long-Term Resident. So do I need to file Form 8854?
Are you planning to file form 8854? How many years were you a GC holder?
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
ftp1234;671644@sjc2pnq I followed case 2 in my post above. I surrendered GC in Jan 2017 before my first Indian paycheck that year. Hopefully my tax return is simple.
@dheeraj1974, I was in 2 minds, so I did file FBAR in 2017, but I don't think I have to file FBAR any more now from 2018 onwards.
@dheeraj1974, I am still researching on final question while filing my tax return for 2017 with IRS.
Since I was a GC holder for 7 years (including the year that I relinquished it), I do not satisfy the 8 out of 15 year criterion for Long-Term Resident. So do I need to file Form 8854?
Are you planning to file form 8854? How many years were you a GC holder?
Don't intend to hijack the thread, but genuinely curious. Why did you hold a GC for 7 years, yet never naturalized as a citizen. If you don't mind, what circumstances made you hold on to your Indian passport, despite the convenience + benefits US passport + OCI provide? This is a very rare trend. Usually, R2I or not, most indians (including myself) will apply for their US passport + OCI at the earliest opportunity to streamline US-India travel.
Thanks.
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
arnb;671652Don't intend to hijack the thread, but genuinely curious. Why did you hold a GC for 7 years, yet never naturalized as a citizen. If you don't mind, what circumstances made you hold on to your Indian passport, despite the convenience + benefits US passport + OCI provide? This is a very rare trend. Usually, R2I or not, most indians (including myself) will apply for their US passport + OCI at the earliest opportunity to streamline US-India travel.
Thanks.
In my case, have GC for close to 5 years, but don't find giving up Indian citizenship attractive due to emotional reasons. Also, about 4 years since I r2i'ed, and it has worked great both professionally as well as financially, so I don't see the same benefits in applying for US passport.
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Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
sjc2pnq;671687In my case, have GC for close to 5 years, but don't find giving up Indian citizenship attractive due to emotional reasons. Also, about 4 years since I r2i'ed, and it has worked great both professionally as well as financially, so I don't see the same benefits in applying for US passport.
Thank God somebody sees the benefits of remaining an Indian citizen.
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
it is always good to see some people swim against the main-stream rat-race tendencies.
I count myself too weak-kneed and self-centered to resist the mainstream temptations, but I like to take a pause, observe and think about the rare breeds who did not get swept by the majority current. Respect and all the strength to you and your family.
I count myself too weak-kneed and self-centered to resist the mainstream temptations, but I like to take a pause, observe and think about the rare breeds who did not get swept by the majority current. Respect and all the strength to you and your family.
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
arnb;671652Don't intend to hijack the thread, but genuinely curious. Why did you hold a GC for 7 years, yet never naturalized as a citizen. If you don't mind, what circumstances made you hold on to your Indian passport, despite the convenience + benefits US passport + OCI provide? This is a very rare trend. Usually, R2I or not, most indians (including myself) will apply for their US passport + OCI at the earliest opportunity to streamline US-India travel.
Thanks.
I received my GC just after R2I (got at my friend's address in US). And there was no possibility of getting Advance Parole or maintain it for immigration purposes. But it just added unnecessary responsibility of filing US tax returns every year, from India. Finally I figured out that there is an easy way to surrender it.
Timing of abandoning GC - Dec 2016 or Jan 2017 - tax implications
sjc2pnq;686212@back2014 @ftp1234 - I am in the same boat. Pl update how you submitted I407. In particular, is there a way to apply B1/B2 at the same time, so that they can't deny it with the 'intent to immigrate' reason?
sj2pnq,
I have taken an appointment this week and will try to return the cards, will let you know how it went. B1/B2 visa- I think if you have a valid reason for a business it definitely is worth a try. For me, I am not applying for it at the moment.