Tax consequences of becoming a US citizen.

[Greg Broiles]

At 11:52 AM 7/9/2002 -0400, An Metet wrote:
>What are the tax implications of a US resident green card holder, with 
>substantial assets both in his original nation and in the US, of becoming 
>a US citizen?

Take a look at <http://www.thetaxguy.com/faq.htm>. Non-US citizens may be 
classified as residents, nonresidents, or as dual status aliens; they also 
frequently can choose whether they would prefer to file as residents or 
nonresidents; this is an area where professional assistance is very helpful.

Subsequent replies to this question have, in an unproductive fashion, 
confused US citizens living outside the US and former citizens living 
outside the US; the 10-year rule applies to people who have given up their 
US citizenship. People who remain citizens while living elsewhere are 
subject to US tax on their worldwide income (but, some income is excluded, 
and some income which is taxed by other jurisdictions won't be taxed again 
by the US) for as long as they're alive.


--
Greg Broiles -- gbroiles at parrhesia.com -- PGP 0x26E4488c or 0x94245961