- Article Category
- Expatriation
Updated
PostedQuestion about expatriation from a reader
Phil Hodgen
Attorney, Principal
Share
I received a question today by email and I thought it would be useful to answer it here.
Hello, Phil. Regarding Form 8854, I’ve been trying (so far unsuccessfully) to get clarification on determining the net worth component for assets shared equally by spouses. Does each spouse include 100% or 50% of the value of the shared assets in the net worth calculation? Does the answer depend on the type of shared asset? We have the following shared assets: joint bank accounts, shares of stock held in a superannuation fund (a grantor trust where we are the only trustees), a house owned by us as joint tenants, and miscellaneous personal items such as furniture, etc.By the way, I think you should author a new book: Renouncing U.S. Citizenship for Dummies :-)
Logging Out of Two Systems
For those of you who are going to give up U.S. citizenship (or cancel that permanent resident visa you have), there are two hoops to jump through:- Log out of the U.S. citizenship database. There is a nice little bureaucratic dance you go through, complete with paperwork and interviews.
- Log out of the U.S. tax system. For this, we have Form 8854 from the IRS.