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Applying for the Florida Homestead Exemption Can Trigger U.S. Tax Residency

Florida Homeowners have until March 1 to apply for the Homestead Exemption on Form DR-501 to exempt about $75,000 of the value of their home from property taxes. However, recent immigrants or “temporary” residents with assets outside the U.S. should carefully weigh their options before applying.

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U.S. Tax & Legal Consequences for Foreign Investors and Potential Residents

Foreign investors and potential residents must understand that U.S. tax residency can occur, whether or not they have permanent residence for immigration purposes.

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Green Card Holders May Not Yet Be Domiciled in the U.S. for Estate & Gift Tax Purposes

If you are considering moving to the United States, you need to consider your tax status for both U.S. income tax purposes and U.S. estate and gift tax purposes.[1] Even if you have already obtained lawful permanent residence status (your “Green Card”), you may not yet be subject to U.S. estate and gift tax as a U.S. “domiciliary”.

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Fiscal Residency Can Occur Before Residency

Most foreigners know that the nature and duration of their U.S. activities will somehow determine whether or when they will become “Fiscal Residents” and thus taxed on their income both in and outside the U.S. However, most don’t realize that Fiscal Residency can occur well in advance of residency for immigration purposes and fail to develop and execute money-saving tax […]

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Transfers from One Spouse to Another

Transfers from one spouse to another are normally not subject to estate or gift tax, but only if the other spouse is a U.S. citizen, regardless of how long they have lived in the U.S. Most long term permanent residents don’t realize this. Moreover, some tax and legal advisors unfamiliar with international work never bother to ask about citizenship. Recommend […]

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