You know when you are being born with a silver spoon in your mouth! – this one will be extra sparkly with a diamond encrusted handle.
And US tax authorities will be keen to know how much that particular kitchen utensil is worth apparently. That’s because the royal baby will have dual nationality: British due to his father, Prince Harry and US from his American mother, whose official title is the Duchess of Sussex of course.
David Treitel, founder of American Tax Returns, said the following –
“When one of the parents is American and has resided in the US for five years with at least two after the age of 14, the baby is automatically a citizen,” “This is the case with Meghan,”
US nationality comes with many problematic conditions when living overseas, like any regular American who is born and dies anywhere in the world, every single year Meghan and Harry’s child will have to show the Internal Revenue Service his or her tax status is clean each and every year.
From the moment the baby is born, money deposited in banks by the royal parents who will of course and understandably be eager to ensure the brightest future for their baby – this must be reported to the tax man.
The same would apply to any money that comes in if mother and father decide to embark on any other form of income rich work, such as TV appearances and acting work, after all this would not be the first time that this has happened.
Treitel says “The IRS will “get to know a lot more about the couple’s wealth” through the tax returns of the couple and their mother.” This will also include any valuable gifts too.
We can imagine that the Royal baby will be lavished with such giftst from their rich and famous peers of course.
Interestingly however, baby shower gifts that the Duchess of Sussex received recently in America will not have to be declared if they came from fellow US citizens, which is a loop hole clearly.
But there is a reasonable solution to avoid these headaches for the royal couple’s accountants or so it would seem, Meghan can renounce her US citizenship which would be remarkable but not impossible. However, even if she does indeed do that, tax returns would need to be completed each and every years till until the child would turn 18.
So when is the Royal baby due? Well the bookies favourite day has now been revealed to be this coming Sunday 21st April. This will be the day that everyone hopes the baby arrives, it could be a fantastic ending to a great week of British sunshine and of course Easter itself.
