What is the U.S. expatriation tax (exit tax) and who does it apply to?
I've been a U.S. green card holder for 12 years and I own a profitable LLC. I'm considering renouncing my green card and moving back to my home country permanently. A friend told me there's an 'exit tax' that could cost me hundreds of thousands of dollars. Is this real? How does it work? Does it apply to everyone who gives up their green card, or only certain people? I'm very concerned about this.
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