Wednesday July 6, 2022 – More US citizens than ever are renouncing their US citizenship. While politics plays a part – the most common reason is TAXES. US Expatriates (those Americans living outside the country) are still subject to US tax laws, FBAR and FATCA rules. Often, that means double taxation – and it ALWAYS means following US tax laws.
When US Citizens elect to renounce their citizenship they find a SURPRISE – and exit tax.
That’s right. Before someone is allowed to give up their citizenship they have to pay a tax on ALL of their assets.
Attorney Steven A. Leahy reveals the cold hard truth about the EXIT tax on Today’s Tax Talk.