🚨 After an 18-year wait, final IRS regulations provide guidance on how to comply with the Section 2801 tax on gifts and bequests made to U.S. persons from certain expatriates.

🔍 Topics Covered:

✅ Who qualifies as a covered expatriate?

✅ How the tax works

✅ What Form 708 is & when to file it

✅ Legal ways to avoid unnecessary taxation

📌 Timestamps for Quick Navigation:

00:00 - Intro: What is the foreign gift tax?

01:02 - Can you receive tax-free gifts in the U.S.?

03:15 - The 40% expatriation tax explained

09:45 - Who qualifies as a covered expatriate?

12:05 - Form 708 & filing requirements

14:30 - How to reduce tax liability

16:45 - IRS privacy concerns & new rules

18:30 - Final thoughts & tax planning tips

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