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jj7299
Returning Member

Renouncing green card as a long term resident and form 8854 and 3520

I need to renounce my green card. I have held it for 9 years, making me a long term resident. I have been living abroad for a few years with a re-entry permit. 

  1. Form 8854 states that If I do not comply with all of my tax obligations in the past 5 years I can be deemed a covered expatriate, which I want to avoid. In some of the past 5 years when I was a student I did not file an income tax as I was under the <12k threshold to need to file. If the IRS sees that I did not file an income tax in some of those years will I be audited and assumed to be a covered expatriate after I file form 8854? Should I file an income tax for those years just in case? 
  2.  I made a mistake on form 3520 this year. I wrote the book value instead of the fair market value for the property that I received as a gift. Can I amend it and what is the likelihood I will receive a penalty? 
  3. Can I submit my I-407 ( renounce my residency) before making amendments or is it better to make the amendments before?
5 Replies
tagteam
Level 15

Renouncing green card as a long term resident and form 8854 and 3520

@pk?

jj7299
Returning Member

Renouncing green card as a long term resident and form 8854 and 3520

I'd also like to know:

4. When I file form I-407 in abandoning my residency, what would be the date of termination of residency when I later fill out form 8854. Is it the day I filed or when it is processed (which takes 60 days)?

jj7299
Returning Member

Renouncing green card as a long term resident and form 8854 and 3520

can i get an answer on this please?

tagteam
Level 15

Renouncing green card as a long term resident and form 8854 and 3520

If you receive no answer here by tomorrow, you might want to contact Support.

 

What is the TurboTax phone number? (intuit.com)

 

Since you are inquiring about a scenario (and forms) that are not supported by TurboTax, you should really seek guidance from a local tax professional.

 

See https://taxexperts.naea.org/listing/service/international

pk
Level 13
Level 13

Renouncing green card as a long term resident and form 8854 and 3520

@jj7299 , do you still need help on this ?

 

pk

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