Considering leaving the U.S. if your nightmare candidate wins in November? A growing number of people claim that they will move outside the U.S. if Donald Trump becomes president. Others want out if Hillary Clinton is elected.
If you move but keep your citizenship, the U.S. will continue to tax you. The U.S. taxes its citizens on their worldwide income, no matter where they reside. You also won’t be able to escape the rules on reporting foreign bank accounts.
Folks who decide to give up their U.S. citizenship could owe an exit tax if their average annual tax for the five years before expatriating exceeds $161,000 or they have at least $2 million of net worth. They’ll be treated as selling all their assets for fair market value on the day before their expatriation date and will be taxed on the profit from the deemed sale that exceeds an exemption of nearly $700,000.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Gold and Silver Shine as Stocks Chop: Stock Market TodayStocks struggled in Friday's low-volume session, but the losses weren't enough to put the Santa Claus Rally at risk.
-
Don't Wait Until January: Your Year-End Health Checklist to Kickstart 2026Skip the fleeting resolutions and start the new year with a proactive plan to optimize your longevity, cognitive health, and social vitality.
-
Premium Rewards Cards: More Perks, Higher FeesSome issuers are hiking the annual fee on their flagship luxury credit cards by hundreds of dollars. Are they still worth using?
-
Retirees in These 7 States Could Pay Less Property Taxes Next YearState Taxes Retirement property tax bills could be up to 65% cheaper for some older adults in 2026. Do you qualify?
-
Estate Tax Quiz: Can You Pass the Test on the 40% Federal Rate?Quiz How well do you know the new 2026 IRS rules for wealth transfer and the specific tax brackets that affect your heirs? Let's find out!
-
5 Types of Gifts the IRS Won’t Tax: Even If They’re BigGift Tax Several categories of gifts don’t count toward annual gift tax limits. Here's what you need to know.
-
The 'Scrooge' Strategy: How to Turn Your Old Junk Into a Tax DeductionTax Deductions We break down the IRS rules for non-cash charitable contributions. Plus, here's a handy checklist before you donate to charity this year.
-
Are You Middle-Class? Here's the Most Tax-Friendly State for Your FamilyTax Tips We found the state with no income tax, low property tax bills and exemptions on groceries and medicine.
-
Social Security Benefits Quiz : Do You Know the IRS Tax Rules?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
How Are I Bonds Taxed? 8 Common Situations to KnowBonds Series I U.S. savings bonds are a popular investment, but the federal income tax consequences are anything but straightforward.
-
Capital Gains Tax Quiz: How Well Do You Really Know IRS Investment Tax Rules?Quiz Take our capital gains tax quiz to test your investment taxes knowledge. Learn about loss rules, holding periods, and tax incentives that could impact your savings.
