New Form 8898 Issued On Bona Fide Resident Status In U.S. Possession

Abstract

According to Announcement 2006-25, the IRS has issued a new Form 8898, Statement for Individuals Who Begin or End Bona Fide Residence in a US Possession. Individual taxpayers who have a worldwide gross income of more than $75,000 must file Form 8898 in the tax year that they either become or cease to be a bona fide resident of a US possession.