US IRS HONG KONG RELEASES 2019 FOREIGN HOUSING ADJUSTMENTS
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The post gives you the detailed insight of the
notice issued on March 28, 2019, which provide adjustment to the limitation on housing expenses for purposes of section 911 of the Internal Revenue Code (IRC). The notice is issued by US IRS Hong Kong to update the list of specific location with high housing costs relative to the costs in United States. Visit us:- http://www.htj.tax/
Individual Qualified For Foreign Housing Adjustment
Under section 911 of the US Internal Revenue
Code, only a qualified individual whose tax home is in a foreign country, and who meet specified requirements as to the residence in a foreign country, may elect to exclude certain amounts from foreign earned income and foreign housing costs from US tax. The term “housing cost” amount is the total of housing expenses for the taxable year minus a base housing amount. Visit us:- http://www.htj.tax/
Notice 2019-24, Directs a Table of Adjusted Limitations
 The IRS has also attached a table in the notice
that identifies locations within foreign countries with relatively expensive housing cost compared to the United States.  The table provides an adjusted limitation to the elected individual (who qualifies to claim the IRC section 911exclsuions for 2019) for housing expenses. Visit us:- http://www.htj.tax/
Permit to Apply 2019 Adjusted Housing Expense Limitation To 2018 Tax Year
 IRC section 4 of the notice 2019-24 provides that in
cases where the 2019 housing limitation amounts for some locations are higher than those provided in the table if 2018, then in such case the taxpayers are allowed to use the higher 2019 housing limitation amount on their 2018 income tax returns.  Also, the notice of the IRS advises that the IRS and the treasury department anticipate that the future housing expense limitation and adjustment will follow almost the same procedure. Visit us:- http://www.htj.tax/
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