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Bookmark or Share- US Exit Taxes: The Price of Renouncing Your CitizenshipLearn what the US exit tax is, who has to pay it, and how to minimize it if you renounce your citizenship or green card. Find out the net worth, income, and compliance requirements for covered and non-covered expatriates.
- Bidding farewell to US citizenship: Understanding the exit taxLearn what the exit tax is, how it applies to individuals who renounce their U.S. citizenship or long-term residency, and how to calculate it. Find out the thresholds, tests, and exceptions for covered expatriates and their assets.
- Exit Tax in the US — Everything You Need to Know If You’re MovingThe exit tax is the last chance for the IRS to tax you before you leave the country permanently. The exit tax is calculated as if you had sold all your assets the day before you expatriated. Three main things determine whether you may be a covered or non-covered expatriate.
- How The US Exit Tax is Calculated for Covered ExpatriatesUnder Internal Revenue Code (IRC) sections 877 and 877A, the US exit tax applies to US citizens or green card holders who are deemed covered expatriates (see below) when they renounce their citizenship or permanently leave the US for federal tax purposes.
- Thinking about renouncing your U.S. citizenship or Green Card? Beware ...What is the U.S. exit tax? When you renounce your U.S. citizenship or decide to give up your Green Card, you need to tie up loose ends with the IRS by ensuring you’re all paid up on your U.S. taxes. For some, that means being charged an exit tax on your income in your last year of citizenship or residency. Why?
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