On IRS form 8854 Part V, item 16. Do I enter half the FMV, half the gain and half the basis? I own the home jointly with my wife, so it only increases my net worth by half the FMV. I'll enter the full value of our jointly owned bank accounts, in item 1, because I have full access to them. Confused.

Form 8854 is the "Initial and Annual Expatriation Statement".

Are BOTH of you leaving, or just YOU?