Determination of Housing Cost Amounts Eligible for Exclusion or Deduction for 2021

26 Feb 2021 11:48 AM | Anonymous

Notice 2021-18 provides for adjustments to the limitation on housing expenses for purposed of section 911 of the Internal Revenue Code.  These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States.  Further, if the limitation on housing expenses is higher for taxable year 2021 than the adjusted limitations on housing expenses provided in Notice 2020-13, qualified taxpayers may apply the adjusted limitations for taxable year 2021 to their 2020 taxable year.  

Notice 2021-18 will be in IRB: 2021-18, dated March 15, 2021.

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