How do you like my idea of giving up green card without having to lose money?
November 27th, 2009
XY asked:
I am a green card holder and I plan to return to India in the next 3 months (and stay there permanently). As such, I think I will have to give up my green cards. However, I don’t want to pay up a huge sum on taxes which applies on voluntarily giving up green card… after all I already paid tax on the money honestly and I don’t think it is logical I should be taxed again (which means a total tax rate of 35%(already paid)+35%(on giving up green card) =70% in taxes… is that fair?)
I am a green card holder and I plan to return to India in the next 3 months (and stay there permanently). As such, I think I will have to give up my green cards. However, I don’t want to pay up a huge sum on taxes which applies on voluntarily giving up green card… after all I already paid tax on the money honestly and I don’t think it is logical I should be taxed again (which means a total tax rate of 35%(already paid)+35%(on giving up green card) =70% in taxes… is that fair?)
So here is my plan… I go to India, move my money back and then come back to the US more than a year later. I think they take away your green card if you stay away from the US for so long and they can deny me at the port of entry…take my GC and I can go home. That way, I can save hundreds of thousands in taxes by spending…say abt $2000. I know it sounds a little crazy…to get voluntarily denied entry and get deported…but is it such a crazy idea after all?
Estella



