i407 repercussion

[decade]

Hi, can someone shed some light on our situation here?

1. My wife and I are filing for i407 and wondering what would happen to our property that's leased?
2. What would be our tax consequences after we submit the abandonment?
3. Also, we have a kid who's a US citizen. Would filing the abandonment cause his citizenship to be abandoned as well?

Appreciate if anyone could help us on this matter.

[newacct]

You cannot cause your child's US citizenship to be lost. Only the child can lose it by renouncing citizenship when they grow up.

By filing I-407, you would become nonresident aliens for tax purposes. Nonresident aliens can have property and income in the US. The taxation will be a little different; I am not sure about all the details.