Look Out, Meghan Markle! The IRS Is Watching
Congratulations on finding your Prince Charming! I don’t want to be the bad fairy at the festivities, but we need to have a serious talk about taxes.
I know you’re committed to Harry, because you’ve given up a lot since you two became serious, including your lucrative acting career and your lifestyle website.
But I don’t think you know the tax torment many American expats face when they marry non-U.S. citizens—as you’re about to do. Nearly every financial move they make, and other moves they don’t think of as financial, raises a U.S. tax issue.
In your case, this means that if Queen Elizabeth II gives—or merely lends—you a tiara or a diamond bracelet, you may need to tell the Internal Revenue Service about it. If you have a credit or debit card tied to Harry’s bank account and it has more than $10,000, his account has to be reported to U.S. authorities.
The upshot: You and Harry may soon feel the IRS is a third partner in your marriage. Well, marriage is always an adventure. Good luck and all happiness!
Original Story at WSJ.