If you ever are thinking of leaving…..be sure to do so before 8 years. If you don’t but then decide to leave sometime after 8 years….prepare to bend over. Basically we were granted green card status before this law came into effect…….if I knew now what I didn’t know then…….i would have never applied for a greencard and instead stayed on visa’s.
For example…..my wife purchased a small apartment in Petersham in 2003, it was valued at $US200,000 its probably worth about $US500,000 today……nothing more than inflation and good timing. When we leave “uncle sam” wants us to pay tax on $300,000 within 90 days of giving up our greencards…..regardless of whether we have sold this apartment or not…..and that’s why we have to leave before our 8 years is up as it doesn’t look like either side is interested in removing this law. Cheers, Dean From: silicon-beach-australia@googlegroups.com [mailto:silicon-beach-australia@googlegroups.com] On Behalf Of Patrick Collins Sent: Sunday, March 16, 2014 10:44 PM To: silicon-beach-australia@googlegroups.com Subject: Re: [SiliconBeach] Heart Taxtion Act Dean, I just got my green card (yay!). You've written here a few times about this act. Could you elaborate on your understanding and the implications? Thank you, Patrick (m) 415 578 8929 Sent from my iPhone On Mar 16, 2014, at 3:48 PM, Dean Collins <d...@cognation.net<mailto:d...@cognation.net>> wrote: Uhm for those of you thinking of moving to the USA on a green card……. Worked out today that my Heart Taxation Act<http://blog.collins.net.pr/search?q=heart+tax+act> obligations IF I choose to leave the USA after July 2016 (eg 8 years from getting a green card) would be approximately $159,000 - www.irs.gov/pub/irs-pdf/i8854.pdf<http://www.irs.gov/pub/irs-pdf/i8854.pdf> Uhm yeh....thanks but I think we'll be leaving before we are forced to pay this amount at the airport.... Cheers, Dean -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com<mailto:silicon-beach-australia@googlegroups.com> To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com<mailto:silicon-beach-australia+unsubscr...@googlegroups.com> For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com<mailto:silicon-beach-australia+unsubscr...@googlegroups.com>. For more options, visit https://groups.google.com/d/optout. -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com<mailto:silicon-beach-australia@googlegroups.com> To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com<mailto:silicon-beach-australia+unsubscr...@googlegroups.com> For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com<mailto:silicon-beach-australia+unsubscr...@googlegroups.com>. For more options, visit https://groups.google.com/d/optout. -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
