Trending...
- San Antonio Board of REALTORS® Among First to Use Passkey Login with Solid Earth's SSO Dashboard - 155
- Alpha Modus Files 7th IP Action Against Rackspace Following $3M CEO Investment and Strategic Partnership Expansion
- Ascent Solar Technologies Enters Collaborative Agreement Notice with NASA to Advance Development of Thin-Film PV Power Beaming Capabilities: ASTI
The stock market is dropping and many see their wealth decreasing. This can be an opportunity for those considering renouncing US citizenship as it can lower its cost.
TORONTO - ColoradoDesk -- By way of background, those who are covered expatriates when renouncing US citizenship are subject to an exit tax – a deemed disposition of all of your assets, with potentially taxes to pay on that phantom capital gain.
What is happening right now?
Apple (APPL) stock has lost 16% of its value since January 1, 2022
Microsoft (MSFT) stock has lost 21% of its value since January 1, 2022
Alphabet (GOOG) stock has lost 22% of its value since January 1, 2022
Amazon (AMZN) stock has lost 36% of its value since January 1, 2022
Tesla (TSLA) stock has lost 33% of its value since January 1, 2022
Meta (FB) stock has lost 41% of its value since January 1, 2022
TSMC (TSM) stock has lost 31% of its value since January 1, 2022
More on Colorado Desk
NVIDIA (NVDA) stock has lost 42% of its value since January 1, 2022
While those are rather depressing numbers, they offer an opportunity to some to renounce while avoiding covered expatriate status.
With the stock market flirting with new lows and the net wealth of shareholders would likewise meet depressing levels, it just might be the right time to renounce. You might have just crossed the 2 million dollar mark, which would allow you to renounce without being a covered expatriate.
Not only might you mot be a covered expatriate. But even if you are a covered expatriate, these unrealized losses would reduce the amount of exit tax, if any.
US consulates still feel the lingering effect of the covid 19 pandemic. As such, in most cases, you would have a wait time of 6 months before being able to schedule an appointment.
Contact 1040 Abroad, and we'll be able to advise you if those apply to your individual circumstances as well as guide you to a consulate with a wait time to get an appointment of less than a month.
More on Colorado Desk
Who is a Covered Expatriate?
You are considered a covered expatriate and have to pay the related Exit Tax if you meet any of the following criteria:
- You have too many assets: a net worth of $2 million or more,
- You have too much income: an average net U.S. income tax liability of greater than $162,000 for the five-year period prior to expatriation,
- You fail to certify that you have complied with all of the U.S. federal tax obligations for the preceding five years.
Contact 1040 Abroad and we'll be able to advise you if those apply to your individual circumstances as well as guide you to a consulate with a wait time to get an appointment of less than a month.
What is happening right now?
Apple (APPL) stock has lost 16% of its value since January 1, 2022
Microsoft (MSFT) stock has lost 21% of its value since January 1, 2022
Alphabet (GOOG) stock has lost 22% of its value since January 1, 2022
Amazon (AMZN) stock has lost 36% of its value since January 1, 2022
Tesla (TSLA) stock has lost 33% of its value since January 1, 2022
Meta (FB) stock has lost 41% of its value since January 1, 2022
TSMC (TSM) stock has lost 31% of its value since January 1, 2022
More on Colorado Desk
- Michael Reafsnyder opens solo exhibition at Scott Richards Contemporary Art in San Francisco
- Colorado: Gov. Polis Urges House to End the Madness and Do Right by Coloradans by Starting Over on Federal Bill
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
NVIDIA (NVDA) stock has lost 42% of its value since January 1, 2022
While those are rather depressing numbers, they offer an opportunity to some to renounce while avoiding covered expatriate status.
With the stock market flirting with new lows and the net wealth of shareholders would likewise meet depressing levels, it just might be the right time to renounce. You might have just crossed the 2 million dollar mark, which would allow you to renounce without being a covered expatriate.
Not only might you mot be a covered expatriate. But even if you are a covered expatriate, these unrealized losses would reduce the amount of exit tax, if any.
US consulates still feel the lingering effect of the covid 19 pandemic. As such, in most cases, you would have a wait time of 6 months before being able to schedule an appointment.
Contact 1040 Abroad, and we'll be able to advise you if those apply to your individual circumstances as well as guide you to a consulate with a wait time to get an appointment of less than a month.
More on Colorado Desk
- New Housing and Public Safety Laws Take Effect to Save Coloradans Money on Housing and Make Colorado Safer
- Morris Animal Foundation Names Ike Nicoll as Chief Executive Officer
- 20/20 Institute Announces Expansion with New State-of-the-Art LASIK Center in Colorado Springs
- Hire Virtue Announces Executive Sponsorship Opportunity for Houston Hiring Blitz & Job Fair on August 6, 2025
- Inked & Maxim Model Teisha Mechetti Turns Heads—And Builds Community Impact
Who is a Covered Expatriate?
You are considered a covered expatriate and have to pay the related Exit Tax if you meet any of the following criteria:
- You have too many assets: a net worth of $2 million or more,
- You have too much income: an average net U.S. income tax liability of greater than $162,000 for the five-year period prior to expatriation,
- You fail to certify that you have complied with all of the U.S. federal tax obligations for the preceding five years.
Contact 1040 Abroad and we'll be able to advise you if those apply to your individual circumstances as well as guide you to a consulate with a wait time to get an appointment of less than a month.
Source: 1040 Abroad Inc.
Filed Under: Business
0 Comments
Latest on Colorado Desk
- Spartan & Guardians Partner with Guitar Legend Buckethead to Support Global Child Rescue Efforts
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles
- Winners Announced for Asia Pacific Business Awards 2024-2025
- Hamvay-Lang and Lampone.hu Join Forces with AIMarketingugynokseg.hu to Elevate Hungarian Lifestyle Brands on the Global Stage
- Google AI Quietly Corrects the Record on Republic of Aquitaine's Legal Sovereignty
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence
- Colorado: Governor Polis Appoints Rory N. Devlin to the Elbert County Court in the 23rd Judicial District
- Governor Polis, Office of Economic Development and International Trade Celebrate Sale of EVRAZ North America including Rocky Mountain Steel in Pueblo, Welcomes Atlas Holdings to Colorado
- Colorado: Delivering Passenger Rail: Governor Polis Celebrates Major Step Towards Delivering Northern Front Range Passenger Rail
- Make Innovation Matter: Support H.R.1's R&D Expensing Relief for American Small Businesses
- Colorado Springs: Mayor certifies 2025 Special Election results
- Technologist Jay Harris Delivers Keynote for DenverDevDay
- Agreement to Supply US-Based Defense Provider with Thin-Film Solar Tech for Orbital Application; Ascent Solar Technologies, Inc. (N A S D A Q: ASTI)
- Jones Law Firm, PC Refreshes Denver Child Support Services Page to Better Serve Colorado Families
- Colorado: Governor Polis: U.S. Supreme Court Makes it More Difficult to Protect Constitutional Rights, Creates Chaos
- Colorado: Governor Polis, Hospital Leaders, Health Care Advocates: Devastating Cuts Should Be Removed From Federal Budget Bill
- Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits
- Stonebridge and Stout NYC Hospitality Group Introduce New Era for The MC Hotel, Autograph Collection in Montclair, NJ
- databahn Launches GenAI Sales Intelligence Platform to Revolutionize Fortune 500 and Global 2000 Account Research