Practical U.S. Tax Planning Tips for New Immigrants And Green Card Holders

In this video, Vincenzo Villamena, CPA and founder of Global Expat Advisors, explains tax strategies for immigrants, including new Green Card holders, to the United States.
Vincenzo covers:
- The importance of a "check-the-box" election for stepping up the cost basis of assets with unrealized gains before becoming a US tax resident.
- Dealing with PFICs (Passive Foreign Investment Companies), such as foreign mutual funds and investments, by selling them before US tax residency.
- Analyzing life insurance and foreign pension-owned mutual funds for potential tax consequences.
- Addressing GILTI tax obligations for ownership in non-US companies and taking necessary steps to minimize tax exposure.
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