Does giving up U.S. citizenship or my green card get me out of my U.S. filing obligations?
Answer
Absolutely not.
Those who wish to wish to explore expatriation by giving up U.S. citizenship or their green card will have to timely file IRS Form 8854 and compute if applicable, an exit type tax if they are considered a “Covered Expatriate” (“CE”) under Section 877A of the IRS Code.
The exit tax is composed of a market to market tax on certain unrealized gains in excess of $668,000 (2013) and a 30% tax on future receipt of certain deferred items. The market to market tax may be deferred if you meet certain conditions. Read More
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