Hello. I believe there is an exception on 8854 for gift on covered expatriates - that is if they regain their green card status or citizenship under 2801-2(h) or code section 877A g xx
Is filing an annual 8854 required if you're not a covered expatriate and leave an IRA in the US? I would assume you only need to file a W8-BEN and potentially a 1040-NR if needed upon distribution.
What if you haven't hit the 5 year mark or dont hold a job for atleast a year and not a covered expatriate and you want to abandon your green card? Do you still need to fill out form 8854?
This depends on several factors. We'd welcome the opportunity to advise you on this matter. Please contact us at info@esquiregroup.com to setup a consultation.
This is brilliant. It's so clear. Thank you. If the 1040NR is the tax return, and the 1040 is a schedule to it, does that mean that you don't figure any tax on the 1040? (I ask because the standard exemption is included in the 1040 and not in the 1040NR, and I had understood that as a dual status tax payer you can't use the standard exemption at all during any part of the tax year.)
There are a lot of jurisdictions with tax advantages, but which is right for the particular person depends on their personal situation. Personally, I think the UAE is unparalleled. There are no jurisdictions quite as good as the UAE in my opinion.
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when you talk about the gifting situation, I wonder if the personal estate tax exemption is applied?
Yes, it would apply.
Excellent presentation !!
Hello. I believe there is an exception on 8854 for gift on covered expatriates - that is if they regain their green card status or citizenship under 2801-2(h) or code section 877A g xx
Thank you for pointing that out! Yes, I believe you are correct about this.
Is filing an annual 8854 required if you're not a covered expatriate and leave an IRA in the US? I would assume you only need to file a W8-BEN and potentially a 1040-NR if needed upon distribution.
Form 8854 is required of all US expatriates for the year of expatriation and, in some circumstances, in subsequent years as well.
What if you haven't hit the 5 year mark or dont hold a job for atleast a year and not a covered expatriate and you want to abandon your green card? Do you still need to fill out form 8854?
This depends on several factors. We'd welcome the opportunity to advise you on this matter. Please contact us at info@esquiregroup.com to setup a consultation.
This is brilliant. It's so clear. Thank you. If the 1040NR is the tax return, and the 1040 is a schedule to it, does that mean that you don't figure any tax on the 1040? (I ask because the standard exemption is included in the 1040 and not in the 1040NR, and I had understood that as a dual status tax payer you can't use the standard exemption at all during any part of the tax year.)
Great question. We’d be happy to assist you. You can schedule a consultation by emailing us at info@esquiregroup.com.
Any other juristictions equal to Dubar , having tax advantages ?
There are a lot of jurisdictions with tax advantages, but which is right for the particular person depends on their personal situation. Personally, I think the UAE is unparalleled. There are no jurisdictions quite as good as the UAE in my opinion.
@@esquiregroup Thank You for your reply