Can Form 8854 Pros 2023-2024

If you expatriate to another country, in general, that means you're giving up your citizenship in the United States. If you don't earn any money in the United States, you'll be free from US taxes. However, there are a lot of steps involved in getting there. Expatriation is not as simple as just moving to another country. You actually have to go through a process with the State Department of the United States. It's called renouncing citizenship, and it is a serious deal. If and when you've accomplished that, if your income is at a certain level - about $150,000 a year average for the last five years - or your net worth is over two million, then you are going to have to be subject to what's called an expatriation tax when you leave. This tax is determined by taking all your property into account. Normally, people who expatriate have stocks, bonds, and other investments. All of these investments will be marked to market, meaning you will determine what the gain would be if the property was sold at its fair market value on the day of expatriation. This will basically be a departure tax. You don't always have to pay that tax initially, but there will be an adjustment when the property is finally sold, possibly years later. At least potentially, you will be liable for this departure tax based on the mark-to-market value of the assets you own. Another important thing to note is that there's a provision in the expatriation rules known as the "get out but stay out" provision. This provision states that you become subject to United States tax again if, after expatriation, you're back in the United States for a period exceeding 30 days in any year. In other words, if you're going...