
“Boris Johnson, the mayor of London, just became the unlikely spokesperson for the 8 million or so US citizens living abroad. Boris is an ‘accidental’ US citizen. Although his parents were British, he was born in the US. That makes him a US citizen even though his family left the US when he was only 5 years old, nearly 50 years ago. And recently, the IRS sent him a bill for capital gains tax on the sale of his personal residence in London. Boris isn’t happy about it. Under UK law, this gain is exempt from any tax. But since the US, uniquely among major countries, taxes its non-resident citizens wherever they live, the gain isn’t exempt from US tax.”
http://www.nestmann.com/why-londons-mayor-wont-pay-outrageous-us-tax-bill
Related posts:
Surveillance: UN 'Issue at the Apex of Public Concerns'
How we'd cover Ferguson if it happened in another country
Luis Posada Carriles, CIA-Protected Terrorist, Dies Free in Miami at Age 90
Will Facebook Also Battle Fake News From CIA, Military-Industrial Complex?
NY Governor to Establish Medical Marijuana Program
Bitcoin: newest frontier in e-money management
80% dip in India gold imports linked to rampant smuggling
How ICE Works to Strip Citizenship from Naturalized Americans
Now Greece Bans Cash – Again
Jim Rogers: I Bought More Gold Today; Bull Market Far From Over
“We Need a Drug Dog So We Can Seize More Property and Raise More Money”
Anthony Wile: We're Back!
Native American Student Denied High School Diploma For Wearing Tribal Feather
Ex-Soros Advisor Sells Japan Holdings, Shorts Bonds; Sees Crash, Default, Hyperinflation
IRS: Cheapest Obamacare Plan Will Cost $20,000 per Family by 2016