Music Meghan Markle's lavish $500,000 baby shower in New York City is likely to get the attention of Uncle Sam. Since the Duchess of Sussex is still an American citizen, she will be required to report any gifts valued at $15,000 or more which she received during her five-day bonanza to the Internal Revenue Service. - By law, a gift tax is a tax imposed on the transfer of ownership of property where full compensation measured in money or money's worth is not received in return. According to the IRS, Markle did not open her gifts because according to CBS' Gayle King, who was in attendance, she wanted to wait until she was back with her husband, Prince Harry. - However, the American-born British royal will still need to declare any and all presents whose value exceeds $15,000. The reason for this is that the United States is one of the few countries in the world that taxes the income of its citizens who live abroad. - This will create all sorts of headaches for Meghan and Harry, who have reportedly hired American tax experts to help them sift through the complex tax laws that require the couple to open up their books to the IRS. The IRS is known for being extremely strict in tracking down people who they believe owe them money. - The Duchess of Sussex is still an American citizen, so she has to pay tax in the US, and this could extend to anyone else she draws money from, including her husband. This could deplete both her $5 million US fortune and Prince Harry's main source of private wealth, a 300 thousand pound trust fund on which he pays UK income tax. - Meghan Markle was seen leaving the Mark hotel last week after her...
Award-winning PDF software
Video instructions and help with filling out and completing When Form 3520 Imposed
