Why Prince Harry Has To Leave Meghan Markle In November In Order To Avoid An Epic Tax Bill?
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British Family news reveals Prince Harry may have to head to the UK soon. Prince Harry, are you listening? A well-known LA tax attorney has this very important message for you: “You can safely assume that someone at the Internal Revenue Service [IRS] is looking very closely at him.”
That’s because Just Harry has gotten himself into a delicate tax situation after moving to the US and into a starter mansion in California.
Apparently, there is something called the “substantial presence test,” which means that as a foreigner Harry could have to pay both US federal and California state taxes if he spends 183 days in the country during a three-year period.
Will Harry Have To Pay Exorbitant Taxes In The US On His Worldwide Earnings?
Here’s what we know: Harry and Meghan Markle first squatted in Tyler Perry’s LA mansion on May 7 so as of this date Harry has been in the US for at least 151 days; and if he stays 183 days he is legally liable to pay taxes here.
As another tax expert put it, “Harry’s bill could be monumental and could open up a can of worms for the Royal Family because the IRS will want to know all his sources of income.”
“That’s not just his Netflix deal, but any monies he might have received in gifts from Prince Charles and any trust funds, savings accounts or other assets he has in the UK. That means the Royal books will be open to scrutiny. The US taxman is far more zealous than his UK counterpart.”
Prince Harry And Meghan Markle Spending Christmas With His Foster Father David And Wife Katharine McPhee?https://t.co/2YDCloHzpN
— SOS/CTS/HH (@SoapOperaSpy) October 5, 2020
Harry And Meghan Are Estimated To Have A Joint Fortune Of £20 Million
It was reported that they earned $1 million for a JP Morgan speech in February, and they have signed a mega-million dollar deal with Netflix which The Mail on Sunday estimates to be worth $3-5 million a year.
This potentially costly tax situation depends also on the type of visa Harry used to enter the US. If it is a diplomatic visa then he is exempt, but if it was a 0-1 visa for people with, “extraordinary abilities,” then the tax man cometh for Harry.
Another accountant has said, “Meghan is a US taxpayer and her situation hasn’t changed, but Harry will have to tell the IRS about every penny he has received. That includes paying gift tax on any monetary gifts he received from Prince Charles and he will have to show any other source of income including trust funds set up after the death of Princess Diana.”
So much for your financial freedom, eh Harry?
Be sure to catch up on everything happening with the royal family. Come back here often for royal spoilers, news, and updates.
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If he's smart, he'll go back there and stay there.
He should go back to his family. Take his son with him. Leave Yoko Megan
he should only be taxed feom when he was with her at worst. its a hard 1 if hes on a diplomatic visa he cant talk politics so hes either way hes as free as he was back in the uk he has some choices to make and fast
The rules governments make should be followed by everyone no matter who they are. Perhaps this experience will be a much needed education for this childish, silly man and help him to start growing up. William and Kate obviously understand with great privilege comes also great sacrifice. I don't know how Harry has not learned to grasp this by his late thirties and having previously held some responsible roles as a once senior royal! He should not be able to just treat the country he turned his back on as something he can just use at his convenience. Using his family in much the same way is between them. It not for anyone to tell a family whether or not they should stop loving and forgiving their own. However when it comes to matters that concern tax paying subjects of a country who are paying for members to represent their country, show loyalty and good standards that's a different matter and Harry should be told point blank by the queen and his senior family he cannot use his position to exploit counties like he has not the UK, Canada and America or any other country for his whimsical, choices.
If Megan truely loved him she would politely tolerate his family for his sake and her son's. How many of us have family members who we don't get along with but we make it work for our partners. Megan's inability to achieve this unfortunate but common situation within her new family demonstrates how she is not suitable to be a senior royal or any other leading public figure.