Form Initial and Annual Expatriation Statement For calendar year 2018 or other tax year beginning Department of the Treasury Internal Revenue Service OMB No. 1545-0074 2018 and ending Go to www.irs.gov/Form8854 for instructions and the latest information. Please print or type. Attach a copy of your valuation letter ruling issued by the IRS see instructions. Recognition of gain or loss on the deemed sale of mark-to-market property. Caution Don t include in column a any property described on...line 7a 7b 7c or 7d. Fair market value on day before date of expatriation Cost or other basis Gain or loss. Subtract c from b e Gain after allocation of the exclusion amount see instructions f Form or Schedule on which gain or loss is reported g deferred attach computations 9 Total. Add the amounts in column d and column e. Name Attachment Sequence No* 112 Identifying number see instructions Part I General Information* For all filers. Mailing address and telephone number where you can be reached...after expatriation Address of principal foreign residence if different from line 1 Country of tax residence if different from line 2 Expatriation date. Check the box that applies see instructions. June 4 2004 June 16 2008. Complete Parts II and V. June 17 2008 December 31 2017. Complete Part III if You made an election to defer the payment of tax on a prior year Form 8854 You have an item of eligible deferred compensation or You have an interest in a nongrantor trust. Otherwise you don t need...to file Form 8854. January 1 2018 December 31 2018. Complete Parts IV and V. Date of notification of expatriating act termination of residency or claim of treaty benefits see instructions. Citizen* Date notification given to Department of State Long-term resident. Date notification given to Department of Homeland Security resident of the treaty country Number of days you were physically present in the United States in the current year List all countries other than the United States of which you...are a citizen* a Name of country b Date you became a citizen of each country listed in line 7a How you became a U*S* citizen By birth By naturalization For Persons Who Expatriated After June 3 2004 and Before June 17 2008 Did you complete Form 8854 for any period after June 3 2004 and before June 17 2008 No* If you expatriated for immigration purposes after June 3 2004 and before June 17 2008 but have not previously filed a Form 8854 you continue to be treated as a U*S* citizen or U*S* lawful...permanent resident for U*S* income tax purposes until the day that you file this form* Because you didn t file Form 8854 for the year of expatriation for immigration purposes you are subject to the alternative tax in section 877 b for the 10-year period beginning on the date that you file this form see instructions. Yes. Tax year for which Form 8854 first filed. Go to line 2. Were you physically present in the United States for more than 30 days but not more than 60 days during the tax year. Yes...No If you checked Yes to line 2 were you performing services for an unrelated employer. which you were born your spouse was born or either of your parents was born.
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Instructions and Help about IRS 8854
How to edit IRS 8854
How to fill out IRS 8854
Instructions and Help about IRS 8854
How to edit IRS 8854
To edit IRS 8854, access the document through pdfFiller. Utilize the editing tools available to make necessary changes to personal information or other required entries. Ensure that any edits maintain compliance with IRS guidelines to avoid discrepancies.
How to fill out IRS 8854
To fill out IRS 8854 accurately, follow these steps:
01
Review the form’s instructions to understand each section.
02
Gather necessary documents, including financial information and details about your foreign assets.
03
Complete each section carefully, providing accurate and complete information.
04
Double-check entries for accuracy before submission.
About IRS 8 previous version
What is IRS 8854?
IRS 8854 is the "Initial and Annual Expatriation Statement." It is used by individuals who are giving up their U.S. citizenship or long-term residency. The form serves as a formal declaration to the IRS regarding the expatriation process and is essential for compliance with U.S. tax laws.
Who needs the form?
Individuals who are either U.S. citizens or long-term residents and plan to expatriate must file IRS 8854. Additionally, those who meet certain income or net worth thresholds are required to file the form as part of their tax compliance efforts.
Components of the form
The components of IRS 8854 include various sections detailing personal information, tax compliance history, and asset disclosures. Important sections may require the disclosure of income tax filings and confirmation of the value of foreign assets. Each component must be accurately completed to ensure proper processing by the IRS.
What information do you need when you file the form?
When filing IRS 8854, gather the following information:
01
Your personal details, including name and Social Security number.
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A detailed list of your foreign financial assets.
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Documentation reflecting your income tax filings for the prior five years.
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Information about the year when you expatriated.
Where do I send the form?
IRS 8854 must be sent to the address specified in the instructions accompanying the form. Generally, the form is submitted to the IRS Service Center that handles expatriation cases, though it may vary based on individual circumstances. Always refer to the latest guidance in the form instructions for accurate submission details.
What is the purpose of this form?
The purpose of IRS 8854 is to report the expatriation of U.S. citizens or long-term residents and to certify compliance with U.S. tax obligations for the five years preceding the date of expatriation. This form ensures individuals fulfill their tax responsibilities before relinquishing their status.
When am I exempt from filling out this form?
Exemptions from filing IRS 8854 exist for those who expatriate and do not meet the income tax liability thresholds. If your average annual net income tax for the five years preceding expatriation is below a certain level, you may not need to submit the form.
What are the penalties for not issuing the form?
Failing to file IRS 8854 can result in penalties, including a taxation based on unrealized gains as well as potential fines. Individuals who do not file may face difficulties when trying to enter the U.S. or may have additional tax liabilities upon expatriation.
Is the form accompanied by other forms?
IRS 8854 may be accompanied by other forms, such as IRS Form 1040 for reporting income or IRS Form 8858 for foreign disregarded entities. Additional forms may be necessary depending on your individual tax situation and foreign financial interests.
FAQ about IRS 8854
What should I do if I need to correct an error after filing my form 8854?
If you discover an error in your filed form 8854, you should prepare an amended return. You can submit the corrected form 8854 instructions using the standard filing method. Ensure to clearly indicate that it is an amendment, and provide any necessary documentation to support your corrections.
How can I track the status of my submitted form 8854?
To verify the receipt and processing of your form 8854, you can check online through the IRS e-file system if you submitted electronically. Watch for any confirmation emails or correspondence from the IRS, as they may include important information about your submission's status.
What is the retention period for records related to form 8854?
You should retain copies of your completed form 8854 and all supporting documents for at least three years from the date you filed the return or the date it was due, whichever is later. This retention period is crucial in case of any audits or inquiries from the IRS.
Are there any common mistakes to avoid when completing form 8854?
Common errors when filling out form 8854 include incorrect personal information, failing to report all required assets, or leaving necessary sections blank. Review the form carefully and compare it against the instructions to ensure all information is accurate and complete before submission.
What should I do if my e-filed form 8854 is rejected?
If your e-filed form 8854 is rejected, review the rejection notice for specific error codes and guidance on what caused the rejection. Correct the identified issues in your submission and refile promptly to comply with IRS requirements, ensuring that you keep a record of your corrections.
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