What is the name of your state (only U.S. law)? WA
What is the name of your state (only U.S. law)? WA
What are the tax consequences if expatriated mother transfer (via quit claim) her US based real estate (her previous residence) to her US citizen son.
To my understanding
Under a new law effective June 17, 2008, gifts from individuals who ceased to be a U.S. citizens or green card holders (lawful permanent residents) on or after June 17, 2008 may be subject to special rules. Refer to the 2008 Instructions for Form 3520 for additional information.
So son has to pay taxes only if she is 'covered expatriate' correct? and one is covered expatriate if any of the following is true?
Your average annual net income tax for the five years ending before the date of expatriation is more than a specified amount that is adjusted for inflation ($160,000 in 2015).
Your net worth is $2 million or more on the date of your expatriation.
You fail to certify to the Internal Revenue Service that you have complied with all U.S. federal tax obligations for the five years preceding the date of your expatriation.
What is the name of your state (only U.S. law)? WA
What are the tax consequences if expatriated mother transfer (via quit claim) her US based real estate (her previous residence) to her US citizen son.
To my understanding
Under a new law effective June 17, 2008, gifts from individuals who ceased to be a U.S. citizens or green card holders (lawful permanent residents) on or after June 17, 2008 may be subject to special rules. Refer to the 2008 Instructions for Form 3520 for additional information.
So son has to pay taxes only if she is 'covered expatriate' correct? and one is covered expatriate if any of the following is true?
Your average annual net income tax for the five years ending before the date of expatriation is more than a specified amount that is adjusted for inflation ($160,000 in 2015).
Your net worth is $2 million or more on the date of your expatriation.
You fail to certify to the Internal Revenue Service that you have complied with all U.S. federal tax obligations for the five years preceding the date of your expatriation.
