Any real estate agent will tell you that the three things that matter in the buying and selling of property are location, location, location. But tax advisors may need to be more geographically minded, as well.

Because the U.S. has a gift and estate tax with rates as high as 40%, both U.S. citizens and foreigners domiciled in the U.S. are subject to the U.S. gift and estate tax on their worldwide gifts - and, at death, on their worldwide estate.

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