By Tony Winterburn • 04 October 2020 • 7:51
Prince Harry ‘could be hit with a huge tax bill unless he takes a break from his €12.32 (£11m) US mansion’.
The Duke and Duchess of Sussex, who are estimated to have a joint fortune of €22.4 million (£20 million), live in a mansion in Montecito, California. Meghan is a US taxpayer but Harry will have to declare his income to the IRS- Inland Revenue Service- if he stays in the country over 183 days.
Harry, his wife Meghan and son Archie moved to Los Angeles in early May after leaving a rented mansion in Vancouver, Canada. They were originally said to be staying at a mansion owned by TV producer Tyler Perry on May 7. If this is correct then this means Harry has been in the US for at least 151 days and, if he reaches 183 days there, he is liable to pay taxes.
Top LA tax lawyer David Holtz last night said: “You can safely assume that someone at the Internal Revenue Service is looking very closely at him. This is a big deal.”
Harry faces paying both US federal and Californian state taxes, which could potentially land him a large bill next month. Another tax expert said: “Harry’s bill could be monumental and could open up a can of worms for the Royal Family because the IRS will want to know all his sources of income.” The expert said the income will be calculated considering not only the couple’s Netflix deal but would also have to include any money he received from Prince Charles and trust funds.
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