Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #2  
Old 03-26-2007, 03:16 PM
L K Williams
Guest
 
Posts: n/a
Default Re: Form 2555 Housing Deduction

SLARRY[at]weizmann.weizmann.ac.il (Larry Israel) wrote:

- quote -

> This is only theoretical, as I don't even reach the maximum
> earned income exclusion. I am a permanent overseas resident,
> owning my own home.
> If I had enough foreign income to go over $82,400, could I
> claim some of my housing costs such as utilities as a
> foreign housing exclusion?


It is doubtful you could get any benefit from such costs.
To begin with, you cannot include any costs of owning the
home. So, mortgage interest, property tax, and depreciation
are not allowed.

Second, there are both floors and ceilings on the
exclusion/deduction. The ancillary type expenses you are
talking about are unlikely to exceed the floor.

Probably not worth the effort to even try.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #1  
Old 03-26-2007, 03:16 PM
A.G. Kalman
Guest
 
Posts: n/a
Default Re: Form 2555 Housing Deduction

Larry Israel wrote:

- quote -

> This is only theoretical, as I don't even reach the maximum
> earned income exclusion. I am a permanent overseas resident,
> owning my own home.
> If I had enough foreign income to go over $82,400, could I
> claim some of my housing costs such as utilities as a
> foreign housing exclusion?


See page 20 of IRS Pub 54. It has an exhaustive list of what
expenses qualify for the housing exclusion. Utilities are
listed. Utilities do not include telephone or paid
television subscriptions. Page 20 also explains how one
computes the housing amount. You have to subtract the base
amount from the qualified housing. In your case, the base
amount is $36.12 times the number of qualified days. For a
whole year, the base amount is $13,184.

http://www.irs.gov/pub/irs-pdf/p54.pdf

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 
Old 03-26-2007, 03:16 PM
Frederick Lorca
Guest
 
Posts: n/a
Default Re: Form 2555 Housing Deduction

- quote -

> This is only theoretical, as I don't even reach the maximum
> earned income exclusion. I am a permanent overseas resident,
> owning my own home.
> If I had enough foreign income to go over $82,400, could I
> claim some of my housing costs such as utilities as a
> foreign housing exclusion?


The answer appears to be yes according to the information in
IRS Publication 54, starting on page 20. Column III lists
includible and non-includible housing expenses.

http://www.irs.gov/pub/irs-pdf/p54.pdf

Frederick Lorca

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #-1  
Old 03-25-2007, 04:07 PM
Larry Israel
Guest
 
Posts: n/a
Default Form 2555 Housing Deduction

This is only theoretical, as I don't even reach the maximum
earned income exclusion. I am a permanent overseas resident,
owning my own home.

If I had enough foreign income to go over $82,400, could I
claim some of my housing costs such as utilities as a
foreign housing exclusion?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 

Tags
2555, deduction, form, housing
Similar Threads
Thread Forum Replies Last Post
Location for Filing Form 2555 ? Phily or local ?
Salinator: Does anyone know offhand where one would file taxes that would include form 2555 (Foreign Income Exclusion)? I have been digging for about 3 hours...
Taxes 2 04-17-2006 04:35 PM
home office deduction if clergy spouse receives housing allowance
revheck@linuxwaves.com: I posted this a few weeks ago, but got no response. So I am trying again: My wife is an ordained Presbyterian minister. Part of her compensation...
Taxes 3 10-27-2005 07:03 AM
Q: Is non-US citizen with Green Card still required to fill out Foreign Earned Income Exclusion Form 2555 for FE income?
Jim: I found lots of replies on USENET about a US citizens obligation to declare foreign earned income but i'm not sure what my situation is as I am a...
Taxes 1 01-28-2004 05:07 PM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 03:56 PM.