US Tax Perils of International Community Property

US tax liabilities and requirements to file US tax and information returns are impacted by community property laws that exist in many foreign countries across the globe.  Today’s blog post will examine some of these issues and set the stage for upcoming posts dealing with community property in the international context and how it affects a married couple’s US tax obligations when only one of the spouses is a US individual. Readers of my blog may know from previous posts that generally, unless the couple enjoys dealing with complicated US tax matters and filings, holding title to assets jointly with a non-US citizen spouse is risky business!  Many may keep their assets completely separate to avoid nasty US tax complications. However, this alone may not help – community property laws may override any such attempt to keep assets “separate”. What is Community Property? Although community property is not defined in the US Internal Revenue…

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