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Foreign Housing Expense Limitations for 2011 Released - Emil Estafanous, CPA : Emil Estafanous, CPA

Foreign Housing Expense Limitations for 2011 Released

The IRS has supposing a inflation-adjusted stipulations on unfamiliar housing losses for 2011 (Notice 2011-8).

Under Sec. 911(a), a competent particular can elect to bar from sum income his or her unfamiliar warranted income and housing costs. Sec. 911(c)(1) provides a regulation for last a excludible volume of a individual’s unfamiliar housing costs. Generally, underneath Sec. 911(c)(2)(A), a competent particular will be singular to limit housing losses of $27,870 in 2011.

However, a IRS can adjust a limit reduction formed on geographic differences in housing costs relations to housing costs in a United States, and given 2006 it has released annual notices adjusting a reduction for competent people who live in countries with high housing costs compared to U.S. housing.

Notice 2011-8 provides a list of some-more than 400 unfamiliar locations for that a IRS is permitting an increasing reduction on housing expenses. Some of a top stipulations for 2011 are for Bermuda ($90,000 for a full-year limitation); Hong Kong ($114,300); Paris ($84,800); Tokyo ($118,500); and Moscow ($108,000).

In locations where a volume has increasing from a volume in 2010 (listed in Notice 2010-27), a notice also allows taxpayers who incurred housing losses in 2010 to elect to request a 2011 reduction volume to a 2010 year.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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