Liquidating Portfolio?

Are there any unfavorable implications to this? I’m considering selling off my portfolio since everything is a tax loss now, and purchasing it under another brokerage account in Hong Kong. Capital gains are also not taxable in HK, so it would seem to be a good long term decision as well. Sorry to trouble everyone with what seems to be a very easy solution (it makes sense to me, at least), but would like to get input before making this move.

if you were to re-establish your positions in the US it would be a wash sale and you’d lose the tax advantages of the realized losses. Opening the acct in Hong Kong makes it tricky… I think you would still technically not be able to claim the credit because of it (spirit of the law is that you cannot get credit for a wash sale) but it would be more on your head, as I’m not sure if the IRS will be notified that you opened an acct abroad. I forget what the time is for it not to be a wash… anyone?

30 days

talk to a tax specialist your US tax liability is global if you are a perm resident or citizen. location of acct doesn’t matter. it will be a wash sale i think, plus you’ll have to pay US cap gains anyway.

I agree with rohufish. Your method seems a bit to easy.

Yes, I’m a US citizen… I have citizenship in HK and Canada as well. It does seem too easy, I will talk to someone I think. But even if there are no immediate advantages, there don’t seem to be any immediate disadvantages. If I ever relocate to HK, I will abandon US citizenship most likely so I don’t get taxed on income over 85k. Canada’s tax laws are based on residency, so that’s not too big a concern.

and i thought i was cool cause i’m going to get dual-citizenship (italy and US). you’ve got tri-citizenship!!! didn’t even know that was possible. talk about being a world-citizen… eh?

my wife’s boss has 4 passports sheesh

now that’s diversification.