Why Prince Harry Has To Leave Meghan Markle In November In Order To Avoid An Epic Tax Bill?

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.

Prince Harry And Meghan Markle Spending Christmas With His Foster Father David And Wife Katharine McPhee?

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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?

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