Foreign earned income exclusion housing cost limitations increase.
Author | Nevius, Alistair M. |
Position | FROM THE IRS |
In Notice 2007-77, the IRS has adjusted the 2007 limitation on housing expenses under Sec. 911 for specific locations in countries with high housing costs relative to U.S. housing costs. The adjusted housing expense limitations are to be used in determining the housing cost amount eligible for exclusion or deduction for tax year 2007.
Under Sec. 911, a qualified individual may elect to exclude his or her foreign housing cost amount from gross income. The individual can exclude foreign housing expenses paid or incurred during the tax year, with a limit of 30% of the individual's foreign earned income exclusion for the year, minus 16% of the individual's foreign earned income exclusion for the year. The Service is authorized to adjust the 30%-of-foreign-earned-income-exclusion limit for locations where housing costs are determined to be high relative to U.S. housing costs (Sec. 911...
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