I'm preparing to file my first taxes in the U.S. I Would appreciate it if the community helps me decide whether to file taxes as a Dual-status taxpayer or the entire-year taxation.
Background Information:
🔹 2 spouses + a child
🔹 Now living in the US
🔹 LPR status obtained in September 2023, resulting in less than 183 days spent in the U.S. within that year
🔹 Prior to acquiring LPR status in 2023, the couple earned approximately $70K in a foreign country, which was unrelated to U.S. income. The taxes have been paid in the foreign country.
🔹 Prior to acquiring LPR status in 2023, the couple sold residential property valued at less than $250K in their home country.
🔹 After obtaining LPR status in 2023, no income earned outside the U.S., no property sold, no taxes paid in foreign country
🔹 After obtaining LPR status in 2023, one spouse commenced employment in the U.S. under W2, earning around $30K for the year.
🔹 Financial assets in the U.S.: CDs, T-Bills, FSA/HSA/401k accounts, including earned interest
🔹 Financial assets outside the U.S.: cryptocurrency accounts, accounts in banks outside of the U.S. (more than $10K )
🔹 Gross income for the first spouse (W2) - $100,001-250,000, second spouse - unemployed.
🔹 No gambling winnings, no mortgage, no earnings of legal entities, corporations, LLC, no involvement in any transactions with trusts
🔹 Additionally, there were incoming transfers to the U.S. bank accounts from friends/relatives, each under $5K, totaling approximately $15K.
Thank you for your comments and your time!
