Business Services Industry
Notice provides upward adjustment for overseas housing costs.
Australasian Business Intelligence, October, 2006
Byline: Lisa M Nadal
Oct 31, 2006 (Tax Notes International - ABIX via COMTEX) -- A notice was issued by the US Internal Revenue Service (IRS) on 6 October 2006. Notice 2006-87, 2006-43 IRB 1 provides for increased limits on excludable or deductible housing expenses under section 911 of the Internal Revenue Code. It offers some tax relief to US taxpayers living abroad in expensive locations. The adjustments were welcomed by KPMG's Tom Stout. Ernst & Young's Michael Abdalian says the adjustments apply to hundreds of thousands of taxpayers. The limit on housing costs is highest for those living in Hong Kong, as $US114,300 per year.
Publication Date: 16 October 2006
UNITED STATES. INTERNAL REVENUE SERVICE
KPMG
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