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For Paperwork Reduction Act Notice see the separate instructions. Cat. No. 24126N Form 8854 2022 Page 2 Balance Sheet List in U.S. dollars the fair market value and the U.S. adjusted basis of your assets and liabilities as of your expatriation date. For any property you disposed of in 2022 and see the instructions for Part III. Amount of mark-to-market gain or loss reported on prior year Form 8854 Date of disposition if any Page 5 Did you receive any distributions of eligible deferred...
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How to fill out form 8854 2022-2023

How to fill out form 8854:
01
Obtain a copy of form 8854 from the Internal Revenue Service (IRS) website or a local tax office.
02
Start by filling out your personal information, including your name, address, and social security number.
03
Provide details about your citizenship or residency status, including the date you expatriated or terminated your residency.
04
Report any income or assets that may be subject to the expatriation tax, such as unrealized gains or deferred compensation.
05
Calculate the value of your assets and determine if you meet the threshold for net worth, which may require further reporting on the form.
06
Disclose any trusts or foreign accounts you have an interest in, as well as any distributions or transfers made in connection with your expatriation.
07
Sign and date the form, certifying that the information provided is accurate and complete.
Who needs form 8854:
01
Form 8854 is required for U.S. citizens or long-term residents who are expatriating or terminating their residency for tax purposes.
02
It is also needed by individuals who meet certain income or net worth thresholds, as specified by the IRS.
03
Typically, anyone who expatriates and has a total net worth of $2 million or more, or an average annual net income tax for the 5 years preceding expatriation or termination of residency of $171,000 or more (as of 2021), needs to file form 8854.
04
Those who fail to file this form may be deemed a "covered expatriate" and subject to an expatriation tax.
In summary, form 8854 should be filled out by individuals who are expatriating or ending their residency for tax purposes, particularly those who meet specific income or net worth criteria. The form must be completed accurately, providing all necessary information regarding assets, income, and financial interests.
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