[Peace-discuss] new tax provision -- if you might be deported, or might rather be a citizen elsewhere, beware...

[Stuart Levy]

As a tax procrastinator, I'm busily looking at IRS forms this
morning, and noticed this (in the 1040 Schedule D instructions):

    Deemed sales by expatriates.
    If you give up your citizenship after June 16, 2008,
    you may be treated as having sold all your property for
    its fair market value on the day before you gave up your
    citizenship.  This also applies to long-term U.S. residents
    who cease to be lawful permanent residents.

So if you've been a legal permanent resident, and the US decides
that some misdemeanor you'd committed disqualifies you from being one,
then not only are you liable to be deported, you're liable to be
called to justify the cost of *everything* you own, or be taxed for
its full value.  Likewise if you give up on the US system and decide
to become a Canadian (or Swedish, or ...) citizen.
Keep your old records.