“Specifically, when someone gives up their citizenship, their property is treated as having been sold for its fair market value the day before they renounced their citizenship in a ‘constructive sale.’ Under federal tax law, any gain arising from that ‘constructive sale’ must be accounted for in that tax year.”
quotingSpare a thought for a former friend, Roger Ver, who is fighting the US on tax evasion, despite no longer being a US citizen.
note1clp…vetw
Remember, while we are no longer aligned with him, our enemies enemy is our fren:
https://www.majorcadailybulletin.com/news/local/2024/06/08/124661/bitcoin-jesus-world-guru-cryptocurrencies-moves-mallorca-roger-ver-was-arrested-barcelona-for-millionaire-tax-fraud.html