If your Green Card has expired, or you're starting to think about giving it up for good, there's one myth we need to clear up right away: a plastic card expiring is not the same thing as ending your U.S. tax residency.

One of the most dangerous misconceptions about the Green Card is that its tax impact is tied to the plastic card's expiration date. In reality, the IRS tracks your status through a "long-term resident" (LTR) clock that begins the moment you are granted permanent residency.