US Tax Law to American Abroad – “How Do I Hate Thee, Let Me Count the Ways”

Regular readers of my tax blog will not be surprised by the title of this post and the content it hints at delivering. They likely realize by now that the American person abroad is not looked upon favorably by the US tax laws.  The tax laws look at anything “foreign” with a jaundiced eye when … Continue reading US Tax Law to American Abroad – “How Do I Hate Thee, Let Me Count the Ways”

Americans Abroad – How to Cope With Tax Reform & Save for Education

President Trump’s tax reform (commonly referred to as the "Tax Cuts and Jobs Act", and also known as "TCJA" was signed into law on December 22, 2017.  My recent blog post detailed how TCJA revised the “kiddie tax” rules and how the new rules will take a big bite out of a young person’s investment income, … Continue reading Americans Abroad – How to Cope With Tax Reform & Save for Education

Property Transfers at Divorce and the Foreign (Non-US) Spouse

As if divorce were not a stressful enough time, the complexities of the US tax rules when a non-US spouse is involved just make it all the more unbearable.  Keep in mind, too, that foreign divorces can add further legal complexity to the mix and professional help should always be sought. This is so because when foreign … Continue reading Property Transfers at Divorce and the Foreign (Non-US) Spouse

Gifts & Bequests from Former Americans – Beware that Trojan Horse

Former US citizens or long term permanent residents who are giving up (or previously gave up) their US status, have far more than just the "Exit Tax" to worry about. They must also consider the impact the expatriation will have on their US family members and other intended US beneficiaries. I'm still waiting for more … Continue reading Gifts & Bequests from Former Americans – Beware that Trojan Horse

Estate Tax Nightmare: Joint Ownership of Property with A Non-US Spouse

My earlier blog post gave a head’s up to married couples about US tax issues that can arise when assets are owned jointly with a spouse who is not a US citizen. A follow-up blog post detailed the US Gift tax rules that apply when assets are held jointly with right of survivorship (WROS) by a US/non-US citizen … Continue reading Estate Tax Nightmare: Joint Ownership of Property with A Non-US Spouse

LOVE SCHMUV! Just K.I.S.S. (Keep It Separate Sweetheart) – US Tax Perils of Joint Ownership

My earlier blog post gave a head’s up to married couples about jointly owned assets when one spouse is a non-US citizen.  Virtually every aspect of the US tax rules are impacted by such joint ownership - income tax, gift tax, estate tax, tax information reporting and FBAR reporting under the Bank Secrecy Act. Today's post provides … Continue reading LOVE SCHMUV! Just K.I.S.S. (Keep It Separate Sweetheart) – US Tax Perils of Joint Ownership

A Big Mistake – Joint Ownership of Assets With Your Non-US Citizen Spouse

I work frequently with married couples of mixed nationality, when one spouse is not a US citizen and the other has such citizenship.  Without due consideration to the US tax issues, spouses often hold title to bank accounts, brokerage accounts and real property as joint tenants with right of survivorship. Joint ownership often comes about even … Continue reading A Big Mistake – Joint Ownership of Assets With Your Non-US Citizen Spouse

Foreign Individuals: US Estate Tax Reform Passed You By (Part II)

Part I of this blog post examined some of the rules regarding the US estate tax and how it applies to non-US persons (noncitizen/nonresident). Unfortunately, the US estate tax often catches the nonresident alien family by surprise and when it does, it bites hard.  Remember, the "nonresident alien" will include an individual who has expatriated (e.g., … Continue reading Foreign Individuals: US Estate Tax Reform Passed You By (Part II)

Foreign Individuals: US Estate Tax Reform Passed You By (Part I)

Prior to the actual passage of the “Tax Cuts and Jobs Act” (TCJA) on December 22 2017, there were some high expectations that the disparity in the US estate tax exemption for US and non-US persons would be eliminated, or that the US estate tax itself would be repealed. Unfortunately, neither of these hoped-for events … Continue reading Foreign Individuals: US Estate Tax Reform Passed You By (Part I)

Gifting Your Way to Freedom – How TCJA Can Help You Expatriate

Not surprisingly over 1,000 individuals expatriated (gave up US citizenship or long term residency) in the third quarter of 2018. This is according to the most recent “Name and Shame” list published by the US Treasury in the Federal Register on November 19, 2018. Most likely the real number is higher, as the accuracy of … Continue reading Gifting Your Way to Freedom – How TCJA Can Help You Expatriate