Question

Employer-Provided Goods (Housing) question -- I live and work in Korea

Forum|Forum|4 years ago
April 4, 2022
1 reply
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For workers that live and work abroad (I live and work in Korea) that have to file US taxes:

For this question about HOUSING, do I just put in the MONTHLY RENTAL fair market price times the number of months provided and convert to USD?

I don't need to include DEPOSITS like security deposits that the EMPLOYER handled or other deposits like that because those are just DEPOSITS that are NOT given to me and are given back to the employer so it is not income, right? I would assume only the fair market RENT for housing. Please advise as I am stuck here until I figure this out.

Not A Product Question

V

Vanessa A

Yes, if your employer furnishes the housing you would enter the FMV of the housing or the amount they are actually paying if they are reimbursing you.

If they are paying rent on an apartment for you, then you would use the amount they are paying for rent. The deposit would not be included since that is refundable.

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S

shanesnhAuthor

Thanks!

Since it's in a foreign currency (KRW), do I have to find a spot rate from KRW to USD for each month of FMV rent or can I use like a single conversion rate like from the US Dept. of Treasury? I think for FBAR, I need to use US Dept. of Treasury's rate too but I can't find it anymore either.