Alright, folks, let’s talk about something a little less glamorous than the sparkly tiaras and royal carriages. While Meghan Markle's wedding to Prince Harry back in 2018 seemed like a dreamy fairytale, becoming a member of the British royal family comes with its own set of bureaucratic headaches. Specifically, taxes. Yes, taxes. Even future duchesses aren’t immune to them. On May 19, when Meghan said "I do," she also said "hello" to a whole new world of IRS paperwork.
According to a report by The Wall Street Journal, Meghan, as a U.S. citizen married to a non-U.S. citizen (in this case, the fifth in line to the British throne), is required to disclose various financial details to the IRS. This isn’t just about her own finances—it also involves details about the royal family’s financial arrangements, which are usually shrouded in mystery. It’s like the IRS is peeking behind the royal curtain, and Meghan is the one holding the key.
What Exactly Does Meghan Have to Report?
Let’s break it down. According to the WSJ, Meghan will have to report a lot of things that might seem surprising. For starters, she’ll need to declare the value of any piece of jewelry given or loaned to her by Queen Elizabeth. That includes her wedding tiara, if she chose to wear one. Can you imagine having to put a price tag on a royal heirloom? But that’s just the beginning. She’ll also have to report any debit or credit card linked to a bank account of Harry’s holding more than $10,000. It’s like the IRS is asking for an itemized list of every royal bauble and bank statement.
Read also:Dick Van Dyke Reveals He Paid Disney To Play Two Roles In Mary Poppins
Royal Vacations and Hypothetical Rent
Meghan’s obligations don’t stop at jewelry and bank accounts. She’ll also have to declare any vacations spent at one of the Queen’s royal residences. And here’s a fun one—she’ll need to estimate the value of her share of the hypothetical rent for the Kensington Palace property she shares with Harry. Yes, hypothetical. Because, let’s face it, the royal family doesn’t exactly pay rent. But the IRS doesn’t care about that. They want numbers, and Meghan has to provide them. If she doesn’t comply with these regulations, she could face financial penalties. It’s like the IRS is saying, "Even royalty has to play by our rules."
Giving Up Citizenship: A Possible Solution?
Now, if the thought of all this paperwork is giving you flashbacks to the last time you tried to fill out a tax return, you’re not alone. Some financial experts are suggesting that Meghan might consider giving up her U.S. citizenship entirely. It’s a drastic step, but it could save her from the potential red tape of maintaining dual citizenship. It’s like saying, "Forget the IRS, I’m going all in on being a royal." But for now, it seems Meghan is sticking with her plan to pursue dual citizenship.
Join our Facebook group for the latest updates on Kate Middleton, Prince William, and all things royal! Stay tuned for more royal gossip, because let’s face it, who doesn’t love a good royal drama?
This post was written by Katie Rosseinsky. It originally appeared on our sister site,Grazia Daily.
