U.S. citizens working abroad are generally taxed on their worldwide income, but if they have a tax home in a foreign country and meet specific requirements, they may be able to exclude certain housing costs from their gross income. The excludable amount is the excess of the year’s allowable housing expense over a base amount ($16,656 in 2018). However, the limitation is adjusted for higher cost geographic areas, relative to...

Read more
April 24, 2018