Form 2555: The maximum foreign earned income exclusion is adjusted annually for inflation. For 2019, the maximum exclusion has increased to $105,900. You need to file an income tax return to claim the exclusion.
Annual Exclusion for Gifts: For calendar year 2020, the first $ 15,000 of gifts by US persons to any person are not included in the total amount of taxable gifts under IRC § 2503. For gifts by US persons to spouses who are not US citizens, the first $ 157,000 of gifts are not included.
Currency Exchange Rates:
Year-End: The Treasury Department's 2019 year-end exchange rate for Form 8938 and the FBAR (FinCEN Form 114) is USD 1 = EUR 0.8900.
Average: The 2019 average annual exchange rate published by the IRS is USD 1 = EUR 0.893.
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