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Shamsey Oloko November 11, 2016 FATCA, FBAR, Foreign Earned Income, Foreign Housing Exclusions & Deductions

What Is Foreign Earned Income Under The Tax Code?

IRC § 911(b)(1)(A) provides the definition of “foreign income.” For tax purposes, this provision is important because If certain requirements are met, a taxpayer may qualify for the foreign earned income, foreign housing exclusions and the foreign housing deduction. Under certain…

Shamsey Oloko November 10, 2016 Foreign Tax Credit

Which One Should I Use? The Foreign Housing Deduction? Or Exclusion?

In addition to the foreign earned income exclusion, taxpayers may also claim an exclusion or a deduction from gross income for an expenditure for housing if the home of the tax is in a foreign country and they qualify for the…

Shamsey Oloko October 17, 2016 Foreign Earned Income

What Is Foreign Earned Income? Am I Eligible to Claim Either the Exclusion Or Deduction?

Individuals that are U.S. citizens or resident aliens of the United States living abroad are taxed on their income by more than one governmental entity. However, these taxpayers may qualify to exclude from their income an amount of their foreign…