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

[John W.]

On Tue, Apr 14, 2009 at 6:48 AM, Stuart Levy <slevy at ncsa.uiuc.edu> wrote:

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.


I'd say transfer your money out of the U.S. ASAP.  How's the IRS gonna come
after you if you and your assets are in a foreign country?
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