Last week the IRS published Notice 2021-18 which provides adjustments to the limitation on housing expenses for specific locations in 2021. Code §911(a) allows a qualified individual to elect to exclude from gross income an “Exclusion Amount” related to foreign earned income and a “Housing Cost Amount.” The Exclusion Amount for 2021 is $108,700. The Housing Cost Amount is generally defined as an amount equal to the excess of (A) the “Housing Expenses” of an... Read more →