The exit tax, covered expatriate tests, Form 8854, the tax on gifts and bequests from covered expatriates, and the tax side of renouncing Canadian citizenship.
5 guides, each written by a CPA licensed in the US and Canada.
Only if you're both a long-term resident (green card in 8 of the last 15 taxable years) and a covered expatriate.
Cross-BorderForm 708 is the IRS return that implements IRC Section 2801, a tax on gifts and bequests received by US persons from covered expatriates.
Cross-BorderThe US imposes a specific exit tax on covered expatriates (mark-to-market deemed sale under IRC 877A, with a $866,000 exclusion for 2023).
Cross-BorderCatch up first, then renounce. Form 8854's five-year compliance certification makes you a covered expatriate at any net worth if you can't certify.
Cross-BorderRenouncing US citizenship ends the obligation to file US tax returns, but the process itself creates a final tax event. Covers key rules, filing.