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Individuals Living in Germany - Things You Should Know!

Real estate tax and home mortgage interest. If you receive a tax-free housing allowance, your itemized deductions for real estate taxes and home mortgage interest are limited. You must reduce the amount of each deduction that would otherwise be allowable by the amount of each expense that is related to the tax-free allowance.

If you own or have authority over a foreign financial account, including a bankaccount, brokerage account, mutual fund or other type of financial account, you may be required to report the account yearly to the Department of the Treasury. If the value of all foreign financial accounts exceeds $10,000 at any time during the calendar year you must report these accounts to the Department of the Treasury.

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