Tax Form 2555 (overseas) filing for Loan Officers
Hi all,
I'm a US citizen but planning to buy rental properties in the US while living abroad. Since I work for a foreign company, I file Form 2555 (Foreign Income Tax Exclusion) along with my 1040. Basically, if you work abroad and earn under a certain amount and are paying taxes in the country you live, then for all intents and purposes, you don't have any 'taxable' US Income.
When talking to lenders who are not familiar with this form, they sometimes wonder why Line 37 on my 1040 essentially says "0."
Anyways, I'm wondering if anyone out there has put together a loan 'binder' that helps explain form 2555 to potential loan officers and what you included in it?
Or if anyone who works abroad has put together an e-binder to send to loan officers and what that looks like? (I've seen the post that @Bill Gulley wrote and it's been very helpful: http://www.biggerpockets.com/forums/311/topics/105012-what-to-include-in-binder-for-lender
Thanks!