U.S. exit tax (if renouncing citizenship)
GPTKB entity
Statements (23)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:tax_law
|
| gptkbp:appliesTo |
U.S. citizens
covered expatriate long-term U.S. residents |
| gptkbp:coveredExpatriateCriteria |
average annual net income tax liability over threshold
failure to certify tax compliance for 5 years net worth $2 million or more |
| gptkbp:enforcedBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:excludes |
certain minors
dual citizens at birth |
| gptkbp:exclusionAmount |
$821,000 (2024)
|
| gptkbp:form |
IRS Form 8854
|
| https://www.w3.org/2000/01/rdf-schema#label |
U.S. exit tax (if renouncing citizenship)
|
| gptkbp:legalBasis |
Internal Revenue Code Section 877A
|
| gptkbp:relatedTo |
citizenship renunciation
expatriation |
| gptkbp:startDate |
June 17, 2008
|
| gptkbp:taxedOn |
net unrealized gain on worldwide assets
|
| gptkbp:taxStatus |
mark-to-market tax
|
| gptkbp:triggeredBy |
renunciation of U.S. citizenship
termination of long-term U.S. residency |
| gptkbp:bfsParent |
gptkb:U.S._citizens_worldwide
|
| gptkbp:bfsLayer |
8
|