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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12687
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Swedish citizen sells stock substantial gain. He also has a

Customer Question

Swedish citizen sells stock for a substantial gain. He also has a US green card but is no longer working in the US. Does file a US tax return for small rental real estate income. Does he have to declare the stock sale gain on his US return?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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Yes, if you are a U.S. citizen (or a resident alien living outside the United States), your worldwide income is subject to U.S. income tax, regardless of where you live.

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However, you may qualify for certain foreign earned income exclusions and/or foreign income tax credits. Please refer toPublication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, for additional information

Expert:  Lane replied 1 year ago.

One can be a U.S TAX resident in three ways (1) being a US citizen, (2) having a green card, and (3) actually BEING present (substantial presence test).

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You may end up not PAYING tax to the US on something other that US situs real estate, but generally you must report ALL and then use on of the mechanisms above not to have to pay taxes.

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If this stock that you mention is held in a U.S. brokerage account, you can provide them with a W-8Ben to claim tax treaty status so that they will not withhold,

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If you were a NON-resident alien, then this migh be exempt, but by virtue of your green-card you are still considered a TAX resident

Expert:  Lane replied 1 year ago.

See this from here: https://www.irs.gov/Individuals/International-Taxpayers/Frequently-Asked-Questions-About-International-Individual-Tax-Matters#GeneralFAQs

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I pay income tax in a foreign country. Do I still have to file a U.S. income tax return even though I do not live in the United States?

You have to file a U.S. income tax return while working and living abroad unless you abandon your green card holder status by filing Form I-407, with the U.S. Citizen & Immigration Service, or you renounce your U.S. citizenship under certain circumstances described in the expatriation taxprovisions. See Publication 519, U.S. Tax Guide for Aliens, for more details.

Expert:  Lane replied 1 year ago.

Let me know if you have questions:

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Lane

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