Do I need to file my taxes on income from the beginning of 2025? No, you will not need to file a return unless you have US sourced income or if you are not in the US for income earned prior to getting your green card.
Or from August 2025 (date when i become LPR) ? Yes, if you have taxable income, you will need to file a US form 40 beginning with the date you become a legal Resident.
Am I eligible for foreign income tax exclusion (I pay taxes in Serbia)? Probably. It sounds like this may apply to you? If it does then yes, you can claim the foreign income exclusion. Otherwise, no since Serbia does not have a tax treaty with the US. A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries ... If this
Am I eligible for Standard deduction? Yes, if you have taxable income you can use the Standard Deduction when filing a form 1040 as a US Resident in future years when you have been a resident for the entire year. However, if all of your income is excluded in future years, this would not be relevant.
Am I going to eventually end up paying double taxes in the U.S and Serbia? Possibly, but probably not. It depends on your earnings and the tax rates you pay over there versus here. For 2025, the foreign income exclusion is limited to $130,000. However, it is possible to take the foreign tax credit instead of the exclusion which may reduce the amount of taxes you would pay to the US if any. You would have to see which one puts you in a better tax position.
If yes, what are the ways to avoid it? As stated above, you can take the foreign income exclusion or foreign tax credit to reduce double taxation. You can only take one or the other.
@Vasilijf97 (Edited 2/13/2025 @ 9:50AM PST)
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