Royal baby Archie faces a complicated tax situation

  • 📰 CNBC
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 72%

United States Headlines News

United States Latest News,United States Headlines

As an American living overseas, Archie Harrison Mountbatten-Windsor, the newborn son of Prince Harry and Meghan Markle, will have to navigate complex tax rules.

It's official: Baby Sussex has greeted the world and the royal family. And he will eventually have to say hello to Uncle Sam.

Archie, like all Americans abroad, will be required to disclose income and assets of a certain level to the IRS. "It will really depend on how the baby earns money or how money is given to the child what kind of tax reporting situation it would have," McKeegan said."They probably have already set up trusts that keep the assets out of the child's name," said Dean Hedeker, principal of Hedeker Wealth.

As Archie, who does not have a royal title, grows older and his financial situation gets more complicated, he could face additional costs. If the taxes in the U.K. are higher, that could offset what he owes to the United States."Assuming the U.S. rate is lower, it's just going to be an exercise in shuffling paper," Hedeker said.

"The value of [his] U.S. passport would have to be such that it's more valuable than the trouble it takes to remain compliant," said attorney Doug Andre, partner at Phillips & Barker.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Royal baby: Meghan Markle and Prince Harry name their son ArchieThe royal baby has a name — meet Archie Harrison Mountbatten-Windsor! He is currently seventh in line to the throne I never thought I'd see a comment like this in my life... Is it the most beautiful thing I've ever seen? What!!! well ...THAT'S QUITE AND HONOR FOR BUNKER. LOL... just kidding.. but I expect this child to have a STRONG PERSONALITY like his parents. baby sussex
Source: YahooNews - 🏆 380. / 59 Read more »

Archie--a 100-to-1 Odds Long Shot--Wins The Royal Baby Name RaceHarrison, the young royal’s middle name, never made the bookie lists. But many are speculating about the reasons Prince Harry and Meghan Markle picked these names.
Source: Forbes - 🏆 394. / 53 Read more »

New Zealand family scores 'royal flush' thanks to baby Archie: reportAll four children in a New Zealand family have Royal namesakes after Britain&03...
Source: Reuters - 🏆 2. / 97 Read more »

Archie Harrison Mountbatten-Windsor: Royal baby name is announced by Meghan and HarryWelcome, baby Archie! Meghan and Harry chose a name for their son that may not have any precedent in the royal family, and they've decided not to use a title: they shud call him spurs So he will be called ' Archie Andrews'. 👍👍 dont cary
Source: CNN - 🏆 4. / 95 Read more »

Royal baby's name revealed: Archie Harrison Mountbatten-Windsor; see the photosPrince Harry and Duchess Meghan's royal baby has a name! Meet Archie Harrison Mountbatten-Windsor That’s good because I hate its guts CONGRADULATION to beautiful couple!! This is awesome, full circle for some👸
Source: USATODAY - 🏆 100. / 63 Read more »

Prince Archie, the first royal Instagram babySocial media are reshaping the relationship between the royals, the press and the public Absolutely Beautiful!!
Source: TheEconomist - 🏆 6. / 92 Read more »

This is the gift Oprah Winfrey is giving to royal baby ArchieThis is the gift Oprah Winfrey is giving to royal baby Archie via CNBCMakeIt MakeIt Mmmm, still some poo in there
Source: CNBC - 🏆 12. / 72 Read more »

Archie, the first royal Instagram babySocial media are reshaping the relationship between the royals, the press and the public Nullafacenti ridicoli rubano da sempre ..solo voi inglesi potete tollerare questo scempio
Source: TheEconomist - 🏆 6. / 92 Read more »

Archie -- a 100-to-1 Odds Long Shot -- Wins The Royal Baby RaceHarrison, the young royal’s middle name, never made the bookie lists. But many are speculating about the reasons Prince Harry and Meghan Markle picked these names. nice and sweit Jughead was taken....
Source: Forbes - 🏆 394. / 53 Read more »

Archie?!? That doesn't sound like a royal nameThe world is still processing the bold decision by Britain's Duke and Duchess of Sussex, Prince Harry and Meghan, to name their first child Archie Harrison Mountbatten-Windsor beats 'Reince' lord lucan They named him a nickname?
Source: CNN - 🏆 4. / 95 Read more »

Royal baby Archie: Prince Harry and Meghan name their 'bundle of joy'Prince Harry and Meghan show off their newborn son, describing having a baby as ‘magic’ Oh wow I don’t give a FUCK American comic book characters rekindled - Archie, Reggie, Veronica and Jughead! How is she still pregnant ?
Source: Reuters - 🏆 2. / 97 Read more »