Residency/Domicile Issues

Andreozzi Bluestein LLP provides representation and guidance to individuals with interests in foreign accounts and businesses.

Residency/Domicile Issues

Andreozzi Bluestein LLP provides representation and guidance to individuals with interests in foreign accounts and businesses.

Generally, U.S. taxpayers are taxed on their worldwide income.  Many times, however, questions of domicile or residency arise with regard to taxation.  Domicile is a common-law term which refers to a person’s fixed or permanent living place in which the person intended to live indefinitely or intends to return.  Generally speaking, a person may have several residences, but they may only have one domicile.

There are several different tests that may be conducted to determine your domicile and/or residency.  There are also instances where an individual may have dual residency and be subject to taxation in more than one tax jurisdiction.  Taxpayers should take care to ensure that they avoid potential pitfalls of double taxation when it comes to these issues and should seek the help of a professional in determining whether and to what extent they have a tax obligation.

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