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Understanding Tax Implications of US Residency

In this video podcast, tax attorney Anthony Diosdi delves into the complexities of establishing and breaking U.S. residency for tax purposes. He discusses the criteria for becoming a U.S. resident, including citizenship, green card status, and the substantial presence test. He explores exceptions to residency, such as having a closer connection to a foreign country, and the implications of tax treaties. The discussion also highlights the importance of understanding exit tax risks when taking treaty positions. Takeaways: -U.S. residents for tax purposes are taxed on their worldwide income. -Citizens and green card holders are automatically taxed on worldwide income. -The Substantial Presence Test determines residency based on days spent in the U.S. -A closer connection to a foreign country can break U.S. residency for tax purposes. -Filing requirements exist for those claiming a closer connection exception. -Green card holders may benefit from tax treaties to avoid worldwide income tax. -Not all tax treaties allow for residency position claims. -Consulting with both tax and immigration attorneys is crucial when considering residency changes. -Long-term green card holders face exit tax risks when changing residency status. -Taking a treaty position can stop the exit tax clock for green card holders. Chapters: 00:00 Tax Counsel with Anthony Diosdi 00:17 Understanding US Residency for Tax Purposes 05:22 Breaking US Residency: Closer Connection Exception 10:27 Cautions When Taking a Treaty Position 14:23 sftaxcounsel.com Connect: Website: https://sftaxcounsel.com/ LinkedIn:   / anthony-v-diosdi   Subscribe to Channel:    / @taxcounselwithanthonydiosdi   Disclaimer: The information provided in this video podcast is for general educational purposes only and does not constitute legal or tax advice. Please consult with a licensed attorney in your jurisdiction regarding any legal matter or before making any decisions based on the information presented here. Watching this video or listening to this podcast does not create an attorney-client relationship between you and Anthony Diosdi. Use of this information is at your own risk. #usresidency #substantialpresencetest #taxtreaties #greencard #taxattorney #internationaltax #irs #tax #incometax