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News:News Commentary
March 17, 2021 - Participants Include:
John Richardson - @Expatriationlaw
More and more people are taking the steps to renounce their US citizenship or to abandon their Green Cards. US citizens who renounce US citizenship and Green Card holders who are "long term" residents are potentially subject to the Exit Tax rules found in Internal Revenue Code 877A.
Those who expatriate with a net worth of 2 million USD or more will (unless they have the benefit of the dual citizen from birth exemption) be subject to the 877A Exit Tax.
Many people who expatriate own property jointly with a spouse. There are different forms of joint ownership. The most common form of joint ownership in Canada and many other countries is "joint tenancy".
Therefore, the question of how "interests held in joint tenancy" should be valued is vitally important. It can make a difference between whether an individual is a "covered expatriate" or not.
Assuming one is a "covered expatriate", it is also important to understand how the Exit Tax rules apply (in the context of joint tenancy) assuming one is a covered expatriate.
This podcast is an excerpt from a presentation given by John Richardson on March 17, 2021
Obviously it is not intended to be and should not be relied upon as legal advice for any specific individual.
The general message is that (in most cases) the percentage of the ownership should follow the percentage of the contribution.
Part 2 will continue with a discussion about Part 1.
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