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The so named 'exit tax' imposed on US citizens providing up citizenship and selected lasting residents surrendering inexperienced playing cards (IRC Section 877A), is undoubtedly an revenue tax imposed on sure unrealized gains. This provision is beneficial for expats who don’t qualify to pay international tax overseas, or who pay out internation

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people of Puerto Rico plus the U.S. Virgin Islands can’t claim the overseas attained profits exclusion or perhaps the foreign housing exclusion. typically, If you're a U.S. citizen who is a bona fide resident of Puerto Rico for the whole tax year, you aren’t topic to U.S. tax on income from Puerto Rican sources. This doesn’t include things l

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