Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: CdSlc Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Foreign housing exclusion or deduction?? Date: 3/5/2001 10:23 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.
Print the post Back To Top
Author: kse4 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47912 of 121095
Subject: Re: Foreign housing exclusion or deduction?? Date: 3/7/2001 10:44 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
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


Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement