drc845443
Employee Tax Expert

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Congratulations on your the new job!

 

You have indicated that your wife would still be a US citizen, when you give up your US green card. It is not clear from your message whether you would still continue to file joint income tax return.

 

If you are going to be filing a separate tax return, then you are correct that you would be a dual status alien, and file a Form 1040 until July and then a Form 1040-NR for the period beginning August 2021.

 

You have the option to file as married filing jointly and be treated as a resident for the whole year for tax purposes.

Here is a link to a resource that you may find helpful: https://www.irs.gov/individuals/international-taxpayers/taxation-of-dual-status-aliens

 

You do not have to notify the state/local tax authorities that you are moving, but it is advisable to do so in order for them to  have an updated address for sending any tax notifications.

 

You do not need to be a US citizen to own real estate or brokerage accounts in the US. Non-U.S. citizens or international investors can open a brokerage account and invest in U.S. stocks, and can also purchase and/or own real estate.

 

At this time, for most taxpayers, moving expenses are not deductible even when relocating within the USA. It is unlikely  that you would be able to deduct the relocation expenses.  Here is a resource you can refer to regarding moving expenses:

https://turbotax.intuit.com/tax-tips/jobs-and-career/guide-to-irs-form-3903-moving-expenses/L6CwmGm3...

 

Since you will still have family in the USA and are retaining financial interests, you may want to reconsider giving up the green card. It is convenient to travel into the USA if you plan to do so frequently.

 

 

 

 

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