Belbies Elsanwya Economics Citizens and Residents Discussion
Economics Citizens and Residents Discussion
1. Late in the tax year, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation, you note that they have large medical expenses and a casualty loss (in a Federal disaster area), with neither being covered by insurance. What advice would you give to the Polks?
2. Mario, who is single, is a U.S. citizen and resident. He provides almost all of the support of his parents and two aunts, who are citizens and residents of Guatemala. Mario’s parents and aunts are seriously considering moving to and becoming residents of Mexico. Would such a move have any income tax effect on Mario? Why or why not?
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