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Anthony were here today to talk about common renunciation and IRS exit tax questions more and more people are renouncing a US citizenship and a lot of them do the FATCA and there is something called an exit tax you can't just leave you have to pay up first for some people they may have to pay yes alright so let's talk about a lot of the common questions that our clients ask us if I expatriate for tax purposes and my something called a covered expatriate how does the IRS determine if I'm doing this for tax purposes well the old under the old rule it was something where it would go through your subjective intent that is a viewer experiences only they would make you a covered expat which is a very difficult rule to interpret because who would ever say that that's the reason they are even if that is the reason they are so the IRS changed it the rules were changed to an objective to eject objective standards so the first one is did you fail to file an IRS Form 88 54 okay if you fail to do that you are covered expat number two if you have over more if you have more than two million dollars in assets if so you are a covered expat if your average tax liability over the last five years is approximately one hundred and fifty two thousand dollars then you are a covered expat those are the three things that will make you a cover next time okay what's so bad about being a covered expat now you become subject to the exit tax aha okay if I am subject to the exit tax does I mean does it mean I have to pay an exit tax no there's a few instances where actually you could be subject to it but you don't have it first there is a the first about seven hundred thousand dollars of capital gain it's very clear don't come to worry about it and also if the basis in your property that if the IRS is considering you to have a deemed sale on the basis is high enough you might not have a taxable event so it is something where you might not be subject to it so one of the things that I see is far too many people look at they make their own determination that by asked a picture I'm going to be subjected to an exit tax therefore there's nothing can be done I'm going to stay you as person because it's going to be cheaper for me or just to want to pay this big tax bill right now really if it's something you should considering you should really get a thorough legal opinion on everything because there's a lot of things you could do to plan it and there's also exemptions out there there's exemptions for certain type of people depending on where