Ciscoderac

Leaving US early next yr - Anything on the tax front that I should know?

I'll be moving back to India in the beginning of next year. Is there anything out of the ordinary I should do or know wrt taxes and other financial holdings here? IRS talks about obtaining a "sailing or departure permit" for aliens before leaving US. Has anyone done this? Any idea on how long it takes to get this done or if this is even necessary? #taxes #moving #IRS #finance Edit: not a US citizen or GC holder

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Oracle k-9 Dec 26, 2019

Yes call them

Cisco derac OP Dec 26, 2019

Yep, calling them

KLA-Tencor hvccc Dec 26, 2019

if u r gc holder, sorry to say that u need to pay tax until it expires. in case not, also it better to leave by dec 31, to avoid being a US resident next year

Juniper sixpack Dec 26, 2019

Residency calculated by majority presence not by whether the person was in US in that year.

KLA-Tencor hvccc Dec 26, 2019

thats true. so by leaving us on jan 2nd coz u to be definitely US resident that year. assume u lived full year in previous year

Apple 2.70|10:1 Dec 26, 2019

All earnings in India will be taxed here, enjoy

Cisco derac OP Dec 26, 2019

Not true. I'm not a GC holder or a US citizen. Only US income, if any, will be taxed at 35%

Apple 2.70|10:1 Dec 26, 2019

Go read about FBAR

Cisco switch93 Dec 27, 2019

Dint you have a tax briefing from Cisco? I'm moving to India too and I had to have a mandatory tax briefing for both US and India where consultants from Ernst and Young have a meeting and explain various tax implications.

Cisco derac OP Dec 27, 2019

I'm not transferring via global relocation. So no, I didn't have that meeting. Do you happen to have any links that I can go through? Will send you a DM

Cisco SYWc75 Dec 27, 2019

May I ask reason for moving to India ?

Cisco Be_happy Dec 27, 2019

Your answer --> https://youtu.be/ge9LQQfckUY

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misk Feb 1, 2020

Guys, if some one has already left and did not know about sailing permit, any insight will be helpful.