In a new episode of Aliyah money talks, I am joined by Larry Stern for a deep dive into the financial & tax considerations when giving up your US citizenship. Larry is a US tax expert and partner at Aboulafia, Avital, Shrensky & Co. Scroll down for a full list of topics covered.
Get in touch with Larry at Aboulafia.co.il or via email.
Main topics discussed
1:30 – What are the main tax reasons people consider giving up US citizenship?
5:15 – What is a “covered expatriate“?
6:30 – If am considered a “covered expatriate” what do I need to know about “exit tax” and “transfer tax“?
9:45 – Once you are declared a covered expatriate, is there any way to break away from that status? What other exceptions exist?
13:00 – How does US inheritance tax play in to the decision around giving up US citizenship? How non-Americans can still get wrapped up in the US tax net.
16:20 – What other costs need to be factored in when preparing to renounce US citizenship?
20:00 – Once I complete the process of expatriation, when am I done dealing with US tax considerations?
24:15 – Renouncing can be a long process
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I help Olim make more confident decisions by sorting through the complexity around personal finance in Israel and delivering a well organized path forward.
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When a dual citizen withdraws money from a USA IRA retirement account, it is taxable to the USA.
Does Israel also tax a USA IRA retirement account withdrawal ?
Generally, it must be reported in both Israel & the US. Israel gets first dibs, you won’t double taxed on the withdrawal.