Tax Obligations When Establishing or Terminating US Residency

Tax years where an individual establishes or terminates U.S. residency are considered "dual-status" tax years. This is because they had two different "statuses" during the year; resident and non-nonresident.

Taxpayers are required to file a dual-status tax return in dual-status tax years. Dual-status tax returns can be tricky and not filing one can lead to negative tax consequences and penalties.

We will discuss when a dual-status tax return is required as well as some of the nuances to be aware of in dual-status years; including obtaining a Departing Alien Clearance (commonly known as a “sailing permit” or “departure permit”) proving that the departing alien has fulfilled their U.S. tax obligations.

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Hi! I am Jimmy Sexton, LL.M. – Founder & CEO of Esquire Group. I founded Esquire Group with the objective of helping and inspiring wealthy families, investors, entrepreneurs, and high-level executives obtain and gain control over and protect their wealth, via strategic wealth planning.

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-------------------------------------------------DISCLAIMER-------------------------------------------------------
This video is prepared for educational purposes only. This video is not legal, tax or any other type of advice. Each individuals’ circumstances are different, you should seek legal and/or tax advice to address your specific situation and any questions you may have.