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Update for Tax Years 2020 & 2021:

Form 2555: The maximum foreign earned income exclusion is adjusted annually for inflation. For 2020, the maximum exclusion has increased to $107,600. You need to file an income tax return to claim the exclusion.

Annual Exclusion for Gifts 2021:  For calendar year 2021, 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 $ 159,000 of gifts are not included.

Currency Exchange Rates:

Year-End: The Treasury Department's 2020 year-end exchange rate for Form 8938 and the FBAR (FinCEN Form 114)  is USD 1 = EUR 0.8150.

Average: The 2020 average annual exchange rate published by the IRS is USD 1 = EUR 0.877.


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