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  #16 (permalink)  
Old 04-01-2008, 12:46 AM
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Quote:
Originally Posted by burnt View Post
As per my understanding and discussions with the CPA, mortgage payments are deductible whether they are in US or Outside US

true
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  #17 (permalink)  
Old 04-01-2008, 12:48 AM
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Quote:
Originally Posted by chetanjumani View Post
Any Interest + Property tax might be deductible. This is irrespective of whether its in India or US. Even in US, people can deduct only interest portion of monthly payments.

How ever if you have an intent of renting it out, then all upgrades to the house after its made could be business expenses.

You will need to add the income you earn as rental to you taxable income in US.

In fact, US taxes requires one to declare worldwide income...... SO not just rental income, but also any other income in Fixed deposits, stocks, savings accounts etc has to be reported in US as taxable in the strict implementation of the US tax laws.

To add to the complexity is the double taxation treaty between US and India, so any tax you pay in India might become a credit in US.

Please contact an experienced accountant, for a detailed analysis.
can'gt agree more
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  #18 (permalink)  
Old 04-01-2008, 08:18 AM
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First of all for your case you can not deduct anything. In ANY mortgage you can never deduct PRINCIPAL, you can only deduct INTEREST. So you can not do anything.
For others, I haven't personally done this but I have researched this in the past. I can not do this as I am renting in US. There are 2 options , both apply if you have house in US:
1. Show indian home as second mortgage. Indian banks give you year end summary ( March to March). Calculate appropriate interest and add into return. Keep the indian bank document as proof. As I understand a lot of americans do this if they buy house in other country ( e.g Mexico).
2. Borrow from home equity line. Pay cash or close your loan.

Disclaimer : I personally haven't done this. Please do your own research before doing this. These are just pointers.

Last edited by thakurrajiv; 04-01-2008 at 08:40 AM.
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  #19 (permalink)  
Old 04-01-2008, 09:46 AM
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Default Interest payment for Housing Loan

You can deduct a interest payment made for a vacation home.
If Loan is from US and you can get a 1099 you can claim interest expense under itemized deductaions. Without 1099 IRS will disallowed if they audit you. Resaon is they dont have confirmation from banks.
Also If you can get a letter from USD bramnch that you paid the interest then you are good.

Vikas Garg
CPA, FCA, AICWA, CA-ISA

Note:. This is not a professional advice and for that you need to consult with all of your facts.
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  #20 (permalink)  
Old 04-01-2008, 10:03 AM
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This seems to be the most appropriate response so far. More over if you want to take tax deductions for a property in India be ready to show the rental income as your income over here and pay taxes on the profit you make when you sell it.

I somehow still dont think that you can take deductions without a 1099-INT.


Quote:
Originally Posted by damialok View Post
Like I said earlier, unless you get a equity credit line on your primary home in US any other property's mortgage interest needs to backed by a 1099-INT.
What this means is that, Uncle Sam needs to be paid. When your lender sends you a 1099-INT, he reports that as Income to IRS. So he is paying tax on that income while you get a deduction.

So the point is either you or your lender needs to pay tax to Uncle Sam. IRS systems pretty much match up the deductions with income based on Tax-Ids. If these numbers dont match, then you will see an audit.
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  #21 (permalink)  
Old 04-01-2008, 01:15 PM
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Default Health Insurance Premiums

I was wanting to know if health insurance premiums can be accounted towards health expenses? My employer does not pay for my health insurance and I have purchased personal health insurance from Kaiser Permanente and have been making monthly premium payments. I have paid about $2000 towards premiums last year. So is that amount tax-deductable? Anyone who has knowledge about this please guide me.
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  #22 (permalink)  
Old 04-01-2008, 01:44 PM
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You can count the health premium you paid towards your expenses but then you have to file 1040 with schedule A and not take standard deduction. Also, when itemizing your expense, make sure that your health expenses need to be 7.5% of your gross income, then only you can count that towards your medical expense.

Quote:
Originally Posted by lonedesi View Post
I was wanting to know if health insurance premiums can be accounted towards health expenses? My employer does not pay for my health insurance and I have purchased personal health insurance from Kaiser Permanente and have been making monthly premium payments. I have paid about $2000 towards premiums last year. So is that amount tax-deductable? Anyone who has knowledge about this please guide me.
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  #23 (permalink)  
Old 04-01-2008, 02:13 PM
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Default Loan with ICICI

Gurus,
If I take a loan with ICICI bank to buy property in india, can I use this loan payments in my tax deductibles?

Any thoughts?
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  #24 (permalink)  
Old 04-01-2008, 02:39 PM
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Default Pls read this thread entirely

I dont mean to be rude but please read this thread and your question is easily answered. Will your ICICI bank issue you a 1099-INT for the payment your make? If yes, then you can deduct that otherwise you cannot. From what I know, loans originated in India are through Indian entities and they are NOT governed by US laws.
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  #25 (permalink)  
Old 04-01-2008, 03:02 PM
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Quote:
Originally Posted by damialok View Post
I dont mean to be rude but please read this thread and your question is easily answered. Will your ICICI bank issue you a 1099-INT for the payment your make? If yes, then you can deduct that otherwise you cannot. From what I know, loans originated in India are through Indian entities and they are NOT governed by US laws.
Mae sense. Thanks.
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