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Ely
Ely, Counselor at Law
Category: Family Law
Satisfied Customers: 102356
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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If I apply for a green card while Im in The U.S. How long

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If I apply for a green card while I'm in The U.S. How long would it take for me to get the permission to travel for business while they are deciding?
If my wife applies for the card while I'm back home, how long before I can re-enter the U.S.?
I own some property with my brother back home. If we sell it after I apply for a green card (but before it is decided,) and my share was (say) $100-$125K, would I have to pay any U.S. taxes on it? (I know I would not have to pay anything BEFORE I apply, but would have to pay AFTER I got it.) And IF so, what would be the tax rate percentage?
Hello and thank you for requesting me.

Permission to travel - the I-131 - normally takes about 1.5 months or so. One can attempt to expedite it (see here and scroll down to Criteria for Expedited Processing of an Application), but that is at the discretion of USCIS. An I-131 must be filed for and granted before any travel is done.

If my wife applies for the card while I'm back home, how long before I can re-enter the U.S.?

If you mean if the greencard is filed for while you are in Bahamas, the typical wait is 6-8 months.

I own some property with my brother back home. If we sell it after I apply for a green card (but before it is decided,) and my share was (say) $100-$125K, would I have to pay any U.S. taxes on it? (I know I would not have to pay anything BEFORE I apply, but would have to pay AFTER I got it.)

You will be liable for taxes if you spend 31 days during the current year in the USA, and 183 days during the 3-year period that includes the current year and the two years immediately before that.

If so, then yes. If not, then no taxes.

And IF so, what would be the tax rate percentage?

Taxes in USA is by scale depending on income for that year - see here. Profit from a sale is considered income.

I hope this helps and clarifies. Good luck.

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Customer: replied 3 years ago.


When you say "liable for taxes," (for those time periods) do you mean DURING the time my application for a green card is sent in? (They can actually charge me for taxes BEFORE they decide if I can get a green card?) And are those days consecutive, or just the total during those time periods?


And if I have to pay 28% on the sale, am I right to assume that if my future income during the same year is less than (say) $40K, I would pay the % applicable to that income?


BTW.. Where is your office?

W,

JustAnswer experts are not allowed to take customers as clients, so my apologies, but thank you for your trust in me.

When you say "liable for taxes," (for those time periods) do you mean DURING the time my application for a green card is sent in? (They can actually charge me for taxes BEFORE they decide if I can get a green card?) And are those days consecutive, or just the total during those time periods?

Yes, provided that you have spend 31 days during the current year in the USA, and 183 days during the 3-year period that includes the current year and the two years immediately before that. If so, then you qualify to pay taxes.

And if I have to pay 28% on the sale, am I right to assume that if my future income during the same year is less than (say) $40K, I would pay the % applicable to that income?

Right. Every year, one's overall taxes adjusts to whatever tier one's income enters into.

And one does not pay 28% off the sale itself, but at the end of the year, when ALL taxes is calculated. Finally, good CPAs and tax professionals know how to reduce tax liability well.

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Customer: replied 3 years ago.


Hello;


Just trying to get some confirmation regarding our previous discussion. I have an financial advisor friend that has a international lawyer in his firm. The lawyer is saying that if the property my family has in The Bahamas, (where I was born,) had an appraisal done recently, (we had one done a year ago,) but we end up selling it below the appraised price, then my net share would not be liable for U.S. taxes even if I have a green card, because it was sold as a loss, so there is no capital gain, or income. AS a shareholder I am just getting some of my investment back, at a loss...

Hello and welcome back.

Your original question dealt with simply tax issues for greencard holders, etc. This was enough to answer in immigration law category.

However, your latest follow up deals with capital gains and so on. This is more of tax category question. I urge you to ask this as a new question in the tax category - here. This will ensure that the question goes to a tax professional, because the question has now warped from an immigration-tax question purely to one which is about capital gains.