Hello Anthony, we are here today to talk about non-US persons who are looking to become US persons or perhaps looking to live or invest here in the United States. Right? There are some pretty significant tax code traps. Right? There's a lot of opportunities in the United States, but the IRS sets a lot of traps up and so here we thought it'd be a good idea to talk about the four biggest ones that we see people run into all the time if they don't get the proper advice before investing in the US or becoming US persons. Yep, okay trap number one - capital gains trap. Right? This is a little bit hard to explain. I'll try to slow it down and this is sort of the situation that we see a lot. A lot of our clients do pretty well in life and there might have been a time in their life where they didn't have all that money but they did have a lot of company stock that might not have been worth all that money. Now, those years go on, 10-20 years, they have stock that is worth a substantial amount of money and they become a US person. Now, this is what happens - the tax code will attach you on your capital gain, so we'll look at what you sold it for and what you acquired it for, right? The way it is now is that it will go to your date of acquisition before you are even subject to the US tax code, so way back 10-20 years. So, if you don't get the proper tax advice, basically what you're selling it for when you have an asset that appreciates substantially, basically everything you're selling it for is going to be...
Award-winning PDF software
Video instructions and help with filling out and completing Can Form 8815 Taxable
