Farewell Barbra Streisand, we'll miss you. Farewell Barbra Strei… · Farewell Barbra Streisand, we'll miss you. Moving out of the country can have consequences. D ur ing the las

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Farewell Barbra Streisand well miss you

Moving out of the country can have consequences

During the last Presidential Election there were several celebrities who werethreatening to leave the country Barbra Streisand for example said that if DonaldTrump won she was moving toCanada For those who are not familiar with thisprocess it is called expatriation Any US citizen or legal resident may voluntarilyrelinquish their citizenship or green card and leave the country This is normally donebefore a diplomatic or consular officer at a US Embassy But is that all that is involved UnfortunatelyhellipNO

Lets take Barbra Streisand as an example If she meets any of three tests she will beregarded as a ldquocovered expatriaterdquo and will need to fulfill certain IRS requirementsbefore she can go The three tests are as follows (1) Annual income tax liability for thepast five years is $160000 or more (2) Net worth is over $2000000 or (3) Unfulfilledtax obligation to the US for the past five years Ms Streisand qualifies under (1) and(2) In other words any wealthy person would be subject to the tax Normally when you hold assets the gain you are accumulating is taxed on the sale ofthose assets whether it be real property securities or bonds However a coveredexpatriate must pay this tax upon renouncing their citizenship or they will not be able toleave the country The tax is upon the increased value of assets in excess of $700000(this threshold is doubled if Ms Streisand takes a husband with her) All the deemedgain is taxed at the maximum capital gains rate which for Barbra is 238 anddeclared on IRS Form 8854

USA Vs Canada President Donald Trump Prime Minister Justin Trudeau

Needless to say Barbra Streisand has a vast wealth with very valuable real estateholdings It has been stated that she has a net worth of about $400 million There issome relief available If she posts a bond with the US Treasury to cover the liabilityshe can defer paying the tax for an agreed upon time But in Barbararsquos case that wouldbe a bond of at least $95 million

Thats right Barbra 95 Million Dollars

So for anyone planning to expatriate and have a clean break from our tax systemplanning is the key Barbara Streisand has very good accountants advising her aboutthese things so I wouldnrsquot worry about her lacking for professional advice but it will becostly We will miss you Barbara Streisand but could you take Justin Beiber with you

Please Take him back to Canada

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Lets take Barbra Streisand as an example If she meets any of three tests she will beregarded as a ldquocovered expatriaterdquo and will need to fulfill certain IRS requirementsbefore she can go The three tests are as follows (1) Annual income tax liability for thepast five years is $160000 or more (2) Net worth is over $2000000 or (3) Unfulfilledtax obligation to the US for the past five years Ms Streisand qualifies under (1) and(2) In other words any wealthy person would be subject to the tax Normally when you hold assets the gain you are accumulating is taxed on the sale ofthose assets whether it be real property securities or bonds However a coveredexpatriate must pay this tax upon renouncing their citizenship or they will not be able toleave the country The tax is upon the increased value of assets in excess of $700000(this threshold is doubled if Ms Streisand takes a husband with her) All the deemedgain is taxed at the maximum capital gains rate which for Barbra is 238 anddeclared on IRS Form 8854





















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Farewell Barbra Streisand, we'll miss you. Farewell Barbra Strei… · Farewell Barbra Streisand, we'll miss you. Moving out of the country can have consequences. D ur ing the las