If you are a permanent resident, green card holder, then you are subject to the same tax laws
as US citizens. That means that you must report and pay taxes on your income
from any sources worldwide.
Taxes in the US are filed on a calendar year basis. Tax returns
are always due on April 15th following the tax year for which the tax applies. So your 2008 tax return due date
was 4/15/09. You may still file your 2008 return, but if you owe any taxes, then some interest
and penalties will also be assessed for the late filing
Taxes in the United States
are assessed on a graduated scale, and the percentage of tax which you owe will increase as your income increases. Taxpayers who have higher income are in higher brackets. Your ultimate tax liability
also depends on your filing status (married or single) and how many children or other dependents
you claim, as you are allowed exemptions based on these factors.
The sale of property
that you made is taxed differently than ordinary income
from wages. The sale of property that you have held for more than one year is taxed as a long term capital
gain which currently carries a maximum tax rate
of 15%. Your ordinary income from a job is taxed at rates
of 0% to 35% depending on your total income, filing status and dependents you claim.
Once you fill out the tax forms and determine what tax is owed here in the US, you will also be allowed to claim a credit
for any taxes you already paid to Mexico on this same income. This will help reduce or even eliminate any tax that you may owe here in the US on that same income.
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