Exit tax (GC) when my spouse is US citizen
My spouse (who is a citizen) and I are planning on leaving the US for at least a few years, I will have to give up my green card. How does the exit tax work in this case given my spouse is still a citizen and therefore not supposed to pay it, but I am. And all our assets are in common. Has anyone be in this situation before? Follow up question, will my salary also be taxed by the US once abroad or only my spouse's salary (given citizens need to keep paying tax abroad). TC(family): 600k
How long have you had your GC? < 8 years and no exit tax. 8+ and you can avoid it by becoming a citizen since you’ve had a GC over 5 yrs.
I wish, but my country doesn't allow dual citizenship, so this is not an option. 😔
Oh darn.
https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion
Hi, have you found more resources on this?
Can somebody explain why you can't simply leave and forget about your GC? If you alreday paid your taxes for all your stay in the US your GC will expire naturally, no?
Nope, well yes, but the "if you already paid your taxes" is misleading. If you have no investment, then sure, but otherwise you need to pay the exit tax, which basically simulate a sale of all your belongings, and tax you on them if you made profit.
But then again you can gradually sell your assets and only then get rid of GC? I guess I see your point though - this is mostly for peace of mind.
Good question