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cedarseoul
Joined: 16 Feb 2008 Location: nowon-gu
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Posted: Sun Mar 15, 2009 10:51 pm Post subject: Form 2555 / Tax Question |
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Quick question for American expats. I was working on my taxes this morning, and I realized that lodging / meals provided by an overseas employer are technically considered a kind of "foreign income," and are thus taxable. I'm pretty sure the "fair market value" of my hagwon-provided lodging, along with my income, would still be well within the 80Kish exemption limit - but it seems like it would be a profound hassle to figure out the market value of my lodging.
Anyone have any experience with this? American taxpayers: do you typically include lodging / meals when you complete 2555, or do you simply claim your income? |
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dragstar
Joined: 12 Mar 2009
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Posted: Sun Mar 15, 2009 10:58 pm Post subject: Re: Form 2555 / Tax Question |
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cedarseoul wrote: |
Quick question for American expats. I was working on my taxes this morning, and I realized that lodging / meals provided by an overseas employer are technically considered a kind of "foreign income," and are thus taxable. I'm pretty sure the "fair market value" of my hagwon-provided lodging, along with my income, would still be well within the 80Kish exemption limit - but it seems like it would be a profound hassle to figure out the market value of my lodging.
Anyone have any experience with this? American taxpayers: do you typically include lodging / meals when you complete 2555, or do you simply claim your income? |
I just didn't put it in as it was too much of an hassle. |
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DaeSung
Joined: 05 Dec 2005 Location: ����
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Posted: Mon Mar 16, 2009 12:06 am Post subject: |
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You are mostly correct.
Housing would be considered as part of your taxable income, however there is a seperate deduction that you can take for the cost of your overseas housing. If you wanted to file you taxes 100% correctly you would need to include the amount and then use the deduction.
Meals provided by your employer are done so for their convienence and would not be taxable, housing/lodging would also not be taxable if it was on location of the business. The housing is kind of a gray area. If you recieve cash, then it would be taxable and deductable up to a limited amount. If on the other hand the company never gave you money, but instead directly paid through (전세) Chonsae, I don't see how you have actually recived taxable income.
However, as you and the other poster pointed out this is a hassle.
Soooo... when I file my taxes I do them hassle free ^^ |
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