The IRS released Rev. Proc. 2018-57 to provide certain international inflation adjustments for 2019. Here is a summary of the adjustments relating to international areas of tax, including the prior year for comparison.
|877(a)(2)(A)||Expatriation to Avoid Tax: An individual is considered a covered expatriate if the average annual net income tax for the five taxable years ending before the expatriation date exceeds this threshold.||$168,000||$165,000|
|877A(a)(1)||Tax Responsibilities of Expatriation: The amount that may be excluded from gross income.||$725,000||$713,000|
|911(b)(2)(D)(i)||Foreign Earned Income Exclusion||$105,900||$104,100|
|2523(i)||Gift tax exclusion for gifts to a non-citizen spouse||$155,000||$152,000|
|6039F||Notice of Large Gifts Received from Foreign Persons: Threshold for reporting gifts from certain foreign persons.||$16,388||$16,111|
Jill A. Helm, CPA