chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
I read through a lot of this and even some supporting links. It is actually a good reference. But after reading all of this I still can't tell if an expatriating person with net worth of less than $2M would owe taxes on deferred capital gains . . . and how would a traditional IRA be handled . . . I still have no idea -- taxes due on exit with all the income coming that year?
Kramer
Texas Proud, No I am not seriously considering leaving. I am an American, and I love my country and what it stands for both historically and today. However, I always like to know all of my options I have paid a boatload of taxes over the years as a single high earner with no tax deductions (besides state tax!). Since I have considered retiring elsewhere, this would only even be considered if I were very happily situated in some second world paradise.Why You leaving
I did not read that much... but I would bet that the for 88 whatever is the place to look... and from what I read if you were not 'rich' then off you go.. have fun..
It is the rich (but should be higher than $2 mill) that they want to get their hands on.. a few years back some of the mega rich were just giving up their US citizenship and moving to an island that did not tax them.... and they did not stay in the US that long anyhow as they traveled the world... so it was no big deal to them and it saved them millions in taxes...
Remember... all US income is subject to US tax no matter who you are or where you are... it is only the 'world wide' income that is being saved...