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Update for Tax Year 2018:

Form 2555: The maximum foreign earned income exclusion is adjusted annually for inflation. For 2018, the maximum exclusion has increased to $103,900. You need to file an income tax return to claim the exclusion.

Annual Exclusion for Gifts:  For calendar year 2019, 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 $ 155,000 of gifts are not included.

Currency Exchange Rates:

Year-End: The Treasury Department's 2018 year-end exchange rate for Form 8938 and the FBAR (FinCEN Form 114)  is USD 1 = EUR 0.8720.

Average: The 2018 average annual exchange rate published by the IRS is USD 1 = EUR 0.848.

 

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