Form 8854 questions (more)

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Taxpoor
Posts: 110
Joined: Thu Oct 11, 2012 9:14 am
Location: Canada

Form 8854 questions (more)

Post by Taxpoor »

Just some simple items to make sure I am still on track with this form...

Since I reliquished my citizenship on December 12th....i use the december 12th exchange rate when tabulating the balance sheet....correct?

I am assuming 'Other assets' on line 19 of the 'assets sheet would indicate items such as car, tools, clothes, etc etc (?) and that a separate sheet outlining these items is required?

Since I am well below the net worth to be considered 'covered expat', is it acceptable to enter the column (a) FMV and the U.S. adjusted basis (b) with the same values, even though in actuality they may be different?
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