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Ask Ely Your Own Question
Ely, Counselor at Law
Category: CA Real Estate
Satisfied Customers: 102304
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Is it essential card resident to show income from pension in

Customer Question

Is it essential for a green card resident to show income from pension in India and details of agricultural plus urban land to IRS in USA and are their any criminal consequencies by not doing it.
Submitted: 1 year ago.
Category: CA Real Estate
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

If you are a resident alien (green card holder), then someone in your situation must declare income from abroad. See HERE.

There is a penalty if caught - the penalty is equal to 20 percent of the underpayment. The penalty becomes 40 percent for any portion of the underpayment that is attributable to an undisclosed no-neconomic substance transaction, or, an undisclosed foreign financial asset transaction.

Criminal charges may also be filed for non-declarations, but this is rare.

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