Why Form 8865 Expat 2024

When you are living and working outside of the US, you are still entitled to file your itemized deductions. This includes all the things that you are often familiar with when you're living and working in the US. These things include state income taxes, mortgage interest on a principal residence or on a holiday home, and property tax on your principal residence. You can also claim all charitable contributions to US charities, so it's important to keep track of all those throughout the year. There is an issue that if it's a foreign charity, it may not be deductible. It generally has to be on a list of the IRS in order to be deductible on the US return. You would also be entitled to claim unreimbursed employee business expenses above two percent of adjusted gross income, so it's appropriate to keep track of those. If you have investment-related expenses, legal fees, or other things that relate to deriving income, those items are also generally considered an itemized deduction, a miscellaneous itemized deduction subject to the two percent threshold. In addition to that, you may have a variety of other things. You may have a rental property back in the US on which you may have a lot of deductions, so it's important to consider what all those deductions are and maximize the recording and deducting of all of those items. We have an issue when it's a net loss after all expenses are taken into consideration. Depending on your income level, you may be able to deduct that net loss against other income, although if your income is too high, you're not allowed to deduct that net loss currently. Instead, you have to carry that forward to future years. You may have partnership losses, a business, or your spouse may have a...