Due to a recent life event, I am considering permanently relocating to Europe within a couple of years (I have a EU passport).
I currently am a US permanent resident (green card holder). I am thinking about liquidating all my assets in the US (going all cash), then moving the money to my final destination (I have no idea yet how the money will be ultimately re-invested). It is my understanding that I can surrender my green card upon leaving the country to avoid future US tax and banking (FATCA) complications while living in Europe.
I currently have:
* some taxable mutual funds (with about $130K in LTCGs)
* some bank CDs (most with small withdrawal penalties)
* one Roth IRA (I did yearly IRA conversions into the Roth until last year)
* some i-bonds (all but one are redeemable - the last one will be redeemable next April- but I would have to pay taxes on the few thousand dollars of accumulated interests)
* one HSA account with about $6K in it.
Without liquidating my portfolio, I would probably be in the 12% tax bracket (single) for the remainder of my stay in the US. Any strategy to minimize the tax bite while liquidating my assets? Will I be able to liquidate the Roth and HSA, and if so, at what cost? Any other options?
I currently am a US permanent resident (green card holder). I am thinking about liquidating all my assets in the US (going all cash), then moving the money to my final destination (I have no idea yet how the money will be ultimately re-invested). It is my understanding that I can surrender my green card upon leaving the country to avoid future US tax and banking (FATCA) complications while living in Europe.
I currently have:
* some taxable mutual funds (with about $130K in LTCGs)
* some bank CDs (most with small withdrawal penalties)
* one Roth IRA (I did yearly IRA conversions into the Roth until last year)
* some i-bonds (all but one are redeemable - the last one will be redeemable next April- but I would have to pay taxes on the few thousand dollars of accumulated interests)
* one HSA account with about $6K in it.
Without liquidating my portfolio, I would probably be in the 12% tax bracket (single) for the remainder of my stay in the US. Any strategy to minimize the tax bite while liquidating my assets? Will I be able to liquidate the Roth and HSA, and if so, at what cost? Any other options?
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