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Can someone clarify for me the IRS tax laws on the housing allowance exclusions for US citizens? From my reading, it sounds like all additional income (such as housing allowance, furniture allowance, car allowance, etc) must be included in your income figures when filing your US taxes. But then it goes on to say you can claim deductions on housing costs (like rent) that you spend during the year.
So is it just a wash at the end of the day? If I'm given a $30k USD housing allowance and spend it on housing rent and other costs and thus claim it as a deduction also, what's the effect on my year-end taxes?
Thanks in advance!
So is it just a wash at the end of the day? If I'm given a $30k USD housing allowance and spend it on housing rent and other costs and thus claim it as a deduction also, what's the effect on my year-end taxes?
Thanks in advance!