Yes...this is what i heard too.
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Exit tax to leave the country
- Thread starter peilthetraveler
- Start date
Yes...this is what i heard too.
Are you crazy! Live abroad and collect your Social Security...
Get a sleazy lawyer to write a memorandum of law that states you do not have to pay any taxes because you are living abroad.
Hang it in a frame and if ever extradited... give it to the IRS and state you relied in good faith on a licensed attorneys opinion.
Once abroad get a local doctor to certify you are permanently disabled and have a local attorney go to the consulate and file the paperwork for hospice.
You my friend have done better than faking your own death. You can receive long term disability, Social Security and unlimited hospice benefits. And If you have life insurance... Cash them in via a viatical settlement for 60 cents on the dollar.
Get a "Handicap" accessible yacht and enjoy life... once your ten miles off shore your the king of your very own sovereign vessel.
Get a sleazy lawyer to write a memorandum of law that states you do not have to pay any taxes because you are living abroad.
Hang it in a frame and if ever extradited... give it to the IRS and state you relied in good faith on a licensed attorneys opinion.
Once abroad get a local doctor to certify you are permanently disabled and have a local attorney go to the consulate and file the paperwork for hospice.
You my friend have done better than faking your own death. You can receive long term disability, Social Security and unlimited hospice benefits. And If you have life insurance... Cash them in via a viatical settlement for 60 cents on the dollar.
Get a "Handicap" accessible yacht and enjoy life... once your ten miles off shore your the king of your very own sovereign vessel.
This is no problem for Americans wanting to expatriate themselves. Just go to a McDonalds, order a cup of hot coffee, then deliberately spill it on yourself. You will immediately be stampeded by a swarm of ambulance-chasing lawyers who will offer no win no fee representation, and a few months later you will collect $2-3 million in damages. This should offset most of the exit tax you have to pay when you leave.
Also, tax is not the main reason to leave the USA. The real reason is fat chicks.
Also, tax is not the main reason to leave the USA. The real reason is fat chicks.
Here is the expatriation tax law:
http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html
There will be an exit tax based on the estimated value of all your claimed assets (realized or unrealized). So even if you have not sold a capital asset you will be taxed on the capital gains regardless.
If you stay in the US for more than 30 days of any year during the ten year period following renouncing citizenship you will be taxed on your worldwide income for that whole year.
About $600,000 of gains will be excluded.
http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html
There will be an exit tax based on the estimated value of all your claimed assets (realized or unrealized). So even if you have not sold a capital asset you will be taxed on the capital gains regardless.
If you stay in the US for more than 30 days of any year during the ten year period following renouncing citizenship you will be taxed on your worldwide income for that whole year.
About $600,000 of gains will be excluded.
Quote from reiser999:
Here is the expatriation tax law:
http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html
There will be an exit tax based on the estimated value of all your claimed assets (realized or unrealized). So even if you have not sold a capital asset you will be taxed on the capital gains regardless.
If you stay in the US for more than 30 days of any year during the ten year period following renouncing citizenship you will be taxed on your worldwide income for that whole year.
About $600,000 of gains will be excluded.
thanks for the link.
Quote from Cutten:
This is no problem for Americans wanting to expatriate themselves. Just go to a McDonalds, order a cup of hot coffee, then deliberately spill it on yourself. You will immediately be stampeded by a swarm of ambulance-chasing lawyers who will offer no win no fee representation, and a few months later you will collect $2-3 million in damages. This should offset most of the exit tax you have to pay when you leave.
Also, tax is not the main reason to leave the USA. The real reason is fat chicks.
Aaaahahaha, funny Cutten!