This Blog is intended to provide general information about tax expatriation legal concepts under U.S. law to help readers better understand often very complex issues within the U.S. international tax field for citizens and lawful permanent residents. General legal information is not the same as legal advice, that is, the concrete application of law to a specific case with unique and particular facts.
Although the author has taken great care to make sure that the information contained herein is accurate and useful, it is necessary that you consult an experienced attorney to address any particular situation. Most importantly, if you are contemplating renouncing U.S. citizenship or formally abandoning your LPR status, you must get legal advice. This is a very important decision with a range of complex legal consequences.
Accidental Americans” – Rush to Renounce U.S. Citizenship to Avoid the Ugly U.S. Tax Web“ International Tax Journal,CCH Wolters Kluwer, Nov./Dec. 2012, Vol. 38 Issue 6, p45
Table of Contents
* Factors to Consider Prior to Seriously Considering Renouncing U.S. Citizenship
* 2008 Change in Law – “Mark to Market” Income Tax Regime
* Myths – about Renouncing U.S. Citizenship
* Deemed Sale of Property – “Mark to Market”
* (1) $663,000 Gain Exclusion and Certain Property Excluded
* Tax on a U.S. Citizen or Resident Who Receives a “Covered Gift” (or Covered Bequest) from a
* “Covered Expatriate”
Oops…Did I “Expatriate” and Never Know It: Lawful Permanent Residents Beware! International Tax Journal, CCH Wolters Kluwer, Jan.-Feb. 2014, Vol. 40 Issue 1, p9
“Expatriation” from the U.S. is often very controversial in the context of U.S. citizens who formally renounce citizenship. There is probably no other U.S. international tax topic for individuals that can strike greater personal emotions than leaving the U.S. To some, it sounds like abandoning the country. Americans do not have a history or tradition of leaving the U.S. to make their careers, families and fortunes abroad, unlike the Dutch, Mexicans, British, Spanish, Indians and many others from countries around the world.