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Los Angeles California Form 2555-EZ: What You Should Know
You cannot exclude or deduct more foreign earned income or housing deduction. 2021 Instructions for Form 2555 (2021) | Internal Revenue Service If you are claiming the foreign earned income exclusion, you can use Form 2555 to figure your exclusion and deduction, not to apply Section 24 and Section 6662 If you are claiming the housing exclusion, you need to enter the number on line 8z to calculate your exclusion. 2021 Instructions for Form 706 — IRS If you have a mortgage, real property interest, or other indebtedness, enter the gross debt on line 17b for your year of income. 2021 Instructions for Form 706 — IRS If you have the other debt on line 15, enter that debt on line 17b. You can have both the first and second debt on one line in section 1. 2021 Instructions for Form 706 — IRS You can only use the amount of the second debt to figure the maximum amount of foreign earned income, rental loss, and housing loss for the year. 2021 Instructions for Form 706  | IRS You can use Form 706 for any type of debt you report on or before February 12. 2021 Instructions for Form 706 — IRS If you owe taxes on the debt on which you paid interest or if the debt is for principal and interest, enter the amount on line 1r, minus the interest paid. Enter the amount of the debt on line 1l. 2021 Instruction for Form 706 — IRS Line 14: If you cannot use the tax years in the applicable table, enter the value of your debt in brackets that are the same as the amounts in that table. For example, in Table E, enter 1,500,000 in line 14. 2021 Instructions for Form 706 — tax year 2023 | IRS If you cannot use the tax years in the applicable table, enter the values in the following table, which applies to the calendar year in which you enter income: The calendar year for which you report the income from line 14 of Form 706 and the year for which you should calculate a foreign earned income or rental loss must be different. The year you reported line 14 must be more than the year you calculated a total foreign earned income or rental loss.
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