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Form 2555-EZ Oklahoma City Oklahoma: What You Should Know

Enter your foreign earned income as if you were a U.S. taxpayer.”  That was the very first sentence of the form I received from the IRS to fill out if we want to claim a foreign earned income exclusion, a foreign housing exclusion, or a foreign housing deduction.  If you'd like to fill out the form, click on the following link: If you decide to go this route, here are some of the benefits and reasons to claim a foreign earned income exclusion or foreign housing exclusion: If you own a home or rental property you can subtract your foreign housing deductions from your U.S. property taxes. This tax cut saves you money when you pay your taxes for your 2024 return. Diversification : The foreign earned income, foreign property, and foreign housing exclusion can reduce the overall amount of property or income tax you have to pay. You can claim a tax deduction for housing costs you paid in the tax year in which the amount of the exclusion is claimed. Your deduction for any allowable housing cost can be up to 10,000. If you use the actual percentage of your home that it is worth and divide by 30,000 and enter that figure on Line 30 (the amount of the deduction) you can exclude up to 10,000 of the actual housing cost in your tax return for the year you claim the exclusion. Handy, simple form : You can't write or complete a tax return if you do something wrong doing the “diversification” check in Form 2555. Instead, you will need to use the form. Deduction for property tax paid if the excluded property is a rental property. Taxpayers with a second home who do not live abroad can use this as a “first-shot, fast and effective” way of avoiding all the hassle of filling out this form.

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