NeNe is an accountant and U.S. citizen, who has accepted a permanent position in Madrid, Spain for a Spanish financial services company. This year, NeNe spent the entire year working in Madrid. NeNe's employer paid $40,000 of her Madrid housing expenses this year. What amount of the $40,000 housing payments may NeNe exclude?

Question

Quizplus · Accepted Answer

NeNe can exclude $14,294 of her housing expenses under the Foreign Housing Exclusion, which is calculated based on IRS guidelines for the location and the amount exceeding a base housing amount.

NeNe Is an Accountant and U