Are Foreign Gifts Taxable in the U.S.? IRC Section 2801 Tax Explained
Description
🚨 After an 18-year wait, final IRS regulations provide guidance on how to comply with the Section 2801 tax on gifts and bequests made to U.S. persons from certain expatriates.
🔍 Topics Covered:
âś… Who qualifies as a covered expatriate?
âś… How the tax works
âś… What Form 708 is & when to file it
âś… Legal ways to avoid unnecessary taxation
đź“Ś Timestamps for Quick Navigation:
00:00 - Intro: What is the foreign gift tax?
01:02 - Can you receive tax-free gifts in the U.S.?
03:15 - The 40% expatriation tax explained
09:45 - Who qualifies as a covered expatriate?
12:05 - Form 708 & filing requirements
14:30 - How to reduce tax liability
16:45 - IRS privacy concerns & new rules
18:30 - Final thoughts & tax planning tips
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