Foreign Earned Income and Housing Cost Exclusions

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This is a basic level course designed to acquaint you with the principal rules applicable to foreign earned income and housing cost exclusions afforded under the Internal Revenue Code (I.R.C.). This course explores the concept of a foreign tax home, which foreign earned income is excludible, how the exclusion from foreign housing costs may be claimed, how the exclusions are elected, and collateral issues such as moving expenses and meals and lodging costs.

Educational Objectives
• Identify the amount that may be excluded from gross income
• Recognize the time periods during which the taxpayer must work overseas to qualify
• Calculate the excludible housing cost amount
• Explain the taxpayer requirements for the two exclusions
• Understand the nature of the income and the amount of foreign income excludible from gross income in any tax year
• Describe the treatment of related expenses
• Navigate the rules applicable to the disallowance of the foreign tax credit; explain the general rules for exclusion of foreign housing costs; calculate the housing cost amount; describe the rules governing two foreign households, and other issues relating to husband and wife; procedurally elect the exclusion; revoke and reelect the exclusion; know whether to elect the exclusion; navigate the rules for filing a return when foreign status is doubtful; be familiar with certain collateral issues that may arise, including: – moving expenses; – meals and lodging costs; – U.S. income taxes; – self-employment taxes; and – U.S. government employees issues