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| F1 to H1B L1 Non Resident Spouse H1B Tax Deductions H1B Tax Exemption H1B Tax Form 1040NR Taxation H1B H2B G4 E3 Tax Help, H1B Taxes, TN Visa Taxes, L1 Visa Tax, L1 Visa Taxes,File IRS Tax Forms 1040NR ez, Form 843,8843, W-7. Substantial Presence Test. Resident or Non Resident or Dual Status.NR Tax Return Online. Non Resident Taxation |
02-09-2010, 01:34 AM
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H1B and schedule K1 form
Friends,
My EB2-India I485 has been pending since Sept05. I-140 approved in Jan06, and I am maintaining H1B status. Also, have EAD and AP since 05. Last year I invested some money in a very popular Exchange Traded Fund (ETF) known as USO (US Oil FUnd), it is traded on NYSE. I sold all my investment late last year. Unfortunately, this ETF is registered as a Publicly Traded Partnership, and as such I was a partner for the time I held these shares. SO, now I am going to get a Schedule K1 form for this...I did not know any of this when I bought the shares. From what I know I have to report the details of K1 form on Schedule E of 1040 form...I am little nervous about all of this, since I do not want this to affect my green card case....After reading about I485 issues due to finance / investment reasons, I am very nervous.. Can anybody shed any light on this K1 form and its impacts on GC case ??? Immensly appreciate any help.....   
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02-09-2010, 05:47 PM
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WILL NOT AFFECT Green Card
This investment will NOT affect your Green Card, as you are considered to be a PASSIVE investor, which is permitted under any visa.
You will need to file Form 1040 or 1040NR with a Schedule E Page 2 to report the K-1 income.
__________________
The No 1 Tax Preparation Service for International Students, Foreign Nations, Greencard holders and US Citizens deployed overseas. Save Taxes on H-1B, OPT, F-1, J-1, L-1 and other visas. Apply for Non Resident Tax Forms 1040NR,1040NR-EZ, Form 8843 and Form 843, plus ALL state tax returns! Visit http://www.VisaTaxes.com The No 1 Non Resident Tax Preparation Firm, trusted by thousands of F1, J1, H1B other visa holders in US. Ask us about our 10% Refer a Friend Tax Discount
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02-09-2010, 05:59 PM
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Sir,
Thank you very much for your reply. It may serve as a lesson for all H1B and vistors to really research any investment and its implications before they actually buy it. Once again, I really appreciate your help.
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02-09-2010, 06:31 PM
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Gth
Glad to help!
__________________
The No 1 Tax Preparation Service for International Students, Foreign Nations, Greencard holders and US Citizens deployed overseas. Save Taxes on H-1B, OPT, F-1, J-1, L-1 and other visas. Apply for Non Resident Tax Forms 1040NR,1040NR-EZ, Form 8843 and Form 843, plus ALL state tax returns! Visit http://www.VisaTaxes.com The No 1 Non Resident Tax Preparation Firm, trusted by thousands of F1, J1, H1B other visa holders in US. Ask us about our 10% Refer a Friend Tax Discount
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