What is an Expatriate: Expatriation for US Citizen & Legal Permanent Residents. Exit Tax Form 8854.
Published 2020-07-24
Expatriation for Citizen & Long-Term Residents
What is Expatriation for Citizen & Long-Term Residents?
Expatriation is a simple, but complex undertaking. Oftentimes, when discussing the concept of expatriation and the IRS, there are very specific issues which need to be addressed, such as Long-Term Resident status, Covered Expatriate status, and Mark-to-Market elections.
For purposes of this summary, we will touch on the basics of the process of expatriation, and which U.S. Citizens and Legal Permanent Residents who are “long-term residents” may be subject to exit tax.