I'm renouncing U.S. citizenship. What is Form 8854 and the exit tax?
I've been a dual citizen (U.S. and Australia) my whole life but have lived in Australia since I was 5. I've decided to renounce my U.S. citizenship because the annual filing obligations and FATCA reporting are overwhelming and expensive. I've heard about the "exit tax" and Form 8854. My net worth is about $1.5 million, mostly in Australian superannuation and my home. How does this work and what are the tax consequences of expatriation?
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