Hi,I was reading IRS publication 590 (IRA's) when I came across the term 'Foreign housing exclusion or deduction' on page 37 under section 'Modified AGI' point 2-d. Can somebody please explain this term to me? Do I get a deduction if I have a house in a foreign land?Thanks for any help,CdSlc.
I came across the term 'Foreign housing exclusion or deduction' on page 37 under section 'Modified AGI' point 2-d. ... Do I get a deduction if I have a house in a foreign land?IF you live overseas and your income derives from overseas employment, you may be eligible to either exclude a portion of your foreign housing expenses from your income OR take a deduction based upon these expenses. You decide which of these options is more advantageous, depending upon your circumstances. Don't confuse "housing" with "house"! The term refers to your actual accommodation, not home ownership. You aren't eligible for either of these if you live & work in the US, but happen to own property in another country.Take a look at IRS Pub. 54.Cheers,kse4
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