Thanks very much, Bev, Amaslam, and Kaz!

Especially the advice regarding the Overseas Earned Income Exclusion not applying. The other thing that really helped was "tax credit" - I'm fairly sure that any tax I pay to the US would be a credit against anything I owe to the ATO - I'll verify that myself.

I'll look into Price Waterhouse and E&Y - thanks!

And I was aware that trying to renounce one's US citizenship usually raises eyebrows at the IRS. Personally, my main reason is that I plan on spending some of my retierment living back there, and also want to give my kids the opportunity to work in the US if they ever want to.

I did have one other question relating to this that I forgot to mention in my original post: Is there any advantage to purchasing the property with one of my relatives in the US? In Australia this can be done as "Joint Tennants" (where each partner owns half, and if one dies, the other becomes the sole owner) or as "Tennants in common" (where each partner owns a certain percentage, and if one dies, the ownership of their share is allocated according to their will, or to their descendents in the absence of a will). In either case, would I be correct in assuming that I would be taxed on the portion of the property which I owned?

Thanks again,

RNG



Thanks again!