N-2018-44: Limitations on housing expenses
Internal Revenue Service (IRS) sent this bulletin at 05/01/2018 02:05 PM EDT
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Issue Number: N-2018-44Inside This IssueNotice 2018-44 provides for adjustments to the limitation on housing expenses for purposed of section 911 of the Internal Revenue Code. These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States. Further, if the limitation on housing expenses is higher for taxable year 2018 than the adjusted limitations on housing expenses provided in Notice 2017-21, qualified taxpayers may apply the adjusted limitations for taxable year 2018 to their 2017 taxable year. Notice 2018-33, 2018-17 I.R.B. 508, was issued on April 23, 2018. That notice used an incorrect amount for the maximum foreign earned income exclusion to calculate the housing cost amount for 2018. Notice 2018-44 revokes Notice 2018-33 and provides the correct amount of the maximum housing expenses and the base housing amount for 2018. Notice 2018-44 also provides an updated table of adjusted limitations on housing expenses. It will appear in IRB 2018-21 dated May 21, 2018. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |