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Wilton A. Person
Wilton A. Person, Immigration Lawyer
Category: Immigration Law
Satisfied Customers: 4147
Experience:  Knowledgeable and experienced immigration lawyer.
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I have plan of moving back to my native country, what will

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I have plan of moving back to my native country, what will happen to my bank account and house if I give up my green card?
If you were to surrender your green card, it would not have any legal effect as to our house or bank account. you would still be the legal owner of your house and would have access to the money in your bank account.

From a practical side, it may be inconvenient to have a house or bank accounts in the United States when you do not have lawful status in the United States so this may be an issue that you wish to consider.

Nevertheless, moving back to your home country would not result in you losing your house or your bank accounts.

Customer: replied 4 years ago.
Would closing the account have tax consequences since it is from a joint account and I am the surviving spouse? Would I need to notify the IRS if I do that? I plan to have a POA to take care of the house and other properties. I don't have family here so I just have to return to my home country.
If the money is a checking account and not some type of IRA or other tax deferred account, it is my assumption that the funds have already been taxed so closing the account would not result in an additional tax paid to the IRS.

No, you would need to notify the IRS that you are closing the account. However, surrendering your green card does not automatically make you exempt from filing US income taxes. You would also need to file IRS form 8854 which is found at the website.
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