Meghan Markle avoided huge tax costs with her move to the US

Meghan Markle somehow managed to escape huge tax costs after she moved back to America, leaving UK behind. 

Tax writer Laura Saunders said while writing a piece for The Wall Street Journal that Meghan was given a word of caution about her finances before she married Prince Harry.

“I don’t think you know the tax torment many American expats face when they marry non-US citizens — as you’re about to do,” she wrote.

“Nearly every financial move they make and other moves they don’t think of as financial raises a US tax issue,” she explained.

“In your case, this means that if Queen Elizabeth II gives — or merely lends — you a tiara or a diamond bracelet, you may need to tell the Internal Revenue Service about it,” she said.

“Your share of the free rent for that cute cottage at Kensington Palace where you and Harry will live? Its value could be reportable to the IRS as well.”

“If you have a credit or debit card tied to Harry’s bank account and it has more than $10,000 (£7,688) his account has to be reported to the US authorities,” she went on to say.

She further said that the Duchess of Sussex could face a penalty for not reporting properly to the IRS, even though her tax bills in the US didn’t increase necessarily.