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

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)

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

Foreign Nationals – Am I “Resident” for US Estate & Gift Tax Purposes?

Many non-US individuals come to me with questions concerning their liability for US taxes - income, gift, estate tax.  I find there are some general misunderstandings - hardly surprising given the complexity of the US tax system.  Let's review! Before we talk about foreign (non-US) individuals, let's be clear: US citizens are always treated as … Continue reading Foreign Nationals – Am I “Resident” for US Estate & Gift Tax Purposes?

JUST ANNOUNCED! Foreign Related Tax Inflation Adjustments for Tax Year 2019

The Internal Revenue Service today announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2018-57 provides details about these annual adjustments. The tax year 2019 adjustments generally are used on tax returns filed in 2020. For those of you … Continue reading JUST ANNOUNCED! Foreign Related Tax Inflation Adjustments for Tax Year 2019

Married to A Non-US Spouse? Use of “Resident” Election, Filing FBAR and Form 8938

My blog post containing tax-saving tips for the filing of a US income tax return when one is married to  a non-resident alien spouse is here. It will be helpful to read that post before embarking on this one as it sets out the basics and provides the income tax rates and brackets for the 2018 … Continue reading Married to A Non-US Spouse? Use of “Resident” Election, Filing FBAR and Form 8938

Married to A Non-US Spouse? Tax Saving Tips For the US Income Tax Return

A US citizen or US tax resident (for example, a green card holder) who is married to a non-American when the couple lives abroad should consider certain US tax filing issues and strategies. US Tax Treatment of the Non-US Spouse When the non-US citizen spouse has obtained a green card or is otherwise treated as a … Continue reading Married to A Non-US Spouse? Tax Saving Tips For the US Income Tax Return

Reminder – If You Hate Your Spouse As Much as You Hate Paying Taxes …

My readers know that broad US tax reform was enacted in December under the commonly called Tax Cuts and Jobs Act (“TCJA”).  Today’s post is a reminder of how the new tax rules will impact any US spouse who will be either paying or receiving alimony.   The clock is ticking and action must be taken … Continue reading Reminder – If You Hate Your Spouse As Much as You Hate Paying Taxes …