@pk
My question is about Form 8938 Presence Abroad test. Are we considered Taxpayers living outside the United States in our situation? Determining that is crucial to determine the applicable Form 8938 reporting threshold - $100,000 for Taxpayers living in the United States vs $400,000 for Taxpayers living outside the United States.
My wife and I moved from Brazil to the US on November 7, 2023, on L1A visa. In 2023 tax year, we're electing to be treated as US tax residents from our move date (First Year Choice) filing jointly. We were Brazilian tax residents for whole year of 2023 and previous years.
As a reference this is the Presence Abroad test taken from the IRS Form 8938 Instructions. I wonder if we meet the second criteria?
"Presence abroad. You satisfy the presence abroad test if you are one of the following.
• A U.S. citizen who has been a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year.
• A U.S. citizen or resident who is present in a foreign country or countries at least 330 full days during any period of 12 consecutive months that ends in the tax year being reported."
Thanks for any help you can provide!
