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Huntsville Alabama online Form 2555-EZ: What You Should Know

If you don't qualify for a deduction for foreign housing expenses, don't include them on Form 2555 or Form 2555-EZ. Tax Exclusion for Foreign Housing Expenses — IRS If you claim the foreign earned income exclusion, you normally can only deduct the amount of the housing expenses. You can include these expenses on line 21 of the tax return. For any housing expenses not directly related to your employment, you are responsible for reporting and paying these expenses to the Housing and Urban Development (HUD) authority to pay taxes on to them separately. Interest Expense Deduction — IRS If you meet the foreign earned income exclusion requirements, you can deduct up to the maximum amount (up to 10,000) of interest expenses you paid for your employment-related housing while you were employed. Interest expense deductions reduce your earnings and capital gain from the sale of property of a related business. Form 2555-EZ — IRS Foreign Earned Income. ▷ Attach to Form 1040 or 1040-SR or Form 2555. If the foreign earned income exclusion is not claimed, write “Unused” and attach it on the line for “Other Income and Expenses.” Rates, Deductions, and Allowances. ▷ Attach 1040 or 1040-SR or Form 2555, and attach Schedule E (Form 2555) to the return. Other Income and Allowances. ▷ Attach to Form 1040, 2555, or Form 2555-EZ any items you reported. Foreign Housing Expenses. ▷ Include on Form 2555-EZ the amount claimed on Schedule E (Form 2555), and enter “No housing” in the text box for the tax rate.

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