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March 7—Adjustments to the limits on foreign-housing expenses for 2016 under Internal Revenue Code Section 911 were released March 7 by the Internal Revenue Service in Notice 2016-21.
The adjustments were based on geographic differences in costs as compared with those in the U.S.
The amount that U.S. workers in Canada may claim under the foreign housing expense exclusion in 2016 declined in all major cities compared with 2015. The exclusion for Toronto dropped to $41,400 from $49,700 in 2015, while the exclusion for Montreal fell to $43,900 from $52,000.
By contrast, the amounts in many other big cities changed only slightly or not at all—the rate in Mexico City, for instance, remained at $47,900.
Other locations that remain unchanged from 2015 include Moscow, $108,000; Osaka-Kobe, Japan, $90,664; and Bermuda, $90,000.
At $114,300, Hong Kong again topped the list with the highest amount, the same amount as in 2015, while the amount for Geneva decreased to $93,300 from $95,200.
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