Skip to content
- agree with plan for tax reasons
- exit tax after 8 years of green card
- w/ green card meant to spend > 50% of the time
- releasing green card seems sensible
- being a gc and not livingg or us citizen outside the us has costs.
- subject to tax in 2 regimes. every source of income is subject tto highest tax rate.
- not too worried about tax implications
- move in august. file as a resident for the period.
- after that any US sources of income you file as a non-resident
- split year.
- once we’re in the UK, its just UK Tax.
- when we leave what are the links:
- timing of selling the house
- brokerage account.
- 401(k)
- may force us to file as a non-resident.
- if we’re not a GC holder, we can use the treaty to a more beneficial way.
- tax treaty: all say “this is what you can do”,but US Citizen or GC doesn’t apply
- can leave a 401(k) here
- if you’re a non-resident, they have e requirement to withhold tax from you.
- need to dig into pension implications
- need to file for anything income-generating. if withhold they keep 30% so some people dont file
- 500k on house sale is capital gains free (+ remodal can increase base rate)
- 18.8% capital gains probably at our income level
- bright line test for when it’s a concern on date you’ve left
- date you surrender the green cards is the date
- find out how to surrender the green card
- how long do you have after that before you have to leave?
- look at 4 things: date of termination is earliest of: date of voluntarily surrending OR
- better for us to be resident or non-resident to sell the hoouse:
- can Fidelity transfer brokerage account
- speak to them. can it transfer to a UK brokerage
- vesting shares
- property sale and leaseback if you need time
- split year