Practice Areas
Contact Info
Links & Resources
About us (Impressum)
Privacy Policy

Update for Tax Years 2021 & 2022:

Form 2555: The maximum foreign earned income exclusion is adjusted annually for inflation. For 2021, the maximum exclusion has increased to $108,700. You need to file an income tax return to claim the exclusion.

Annual Exclusion for Gifts:  For calendar year 2022, the first $ 16,000 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 $ 164,000 of gifts are not included. For US persons domiciled abroad, make sure to obtain local tax advice about the impact of gifts in your country of domicile.

Currency Exchange Rates:

Year-End: The Treasury Department's 2021 year-end exchange rate for Form 8938 and the FBAR (FinCEN Form 114)  is USD 1 = EUR 0.882.

Average: The 2021 average annual exchange rate published by the IRS is USD 1 = EUR 0.846.


The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship. Simply contacting us by e-mail also does not create an attorney/client relationship. Thank you for your interest in our law firm. Please refer to our Privacy Policy for further details.