IRS Unveils Foreign Housing Exclusion Amounts for High-Cost Areas

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IRS unveils its 2011 adjustments to the amounts that it will allow U.S. workers abroad to claim under the foreign housing expense exclusion in high-cost areas, in a list spanning 73 jurisdictions that showed both increases and decreases in major cities. The agency says in Notice 2011-8 that if the housing expense limitation in a particular area on the 2011 list is higher than the corresponding limitation on the 2010 list, taxpayers may claim the higher amount for 2010 as well.