Tax help with India home loan. Please

[SamajaAlluduShanmukh]

 

Bhayyas

I have a home loan in India and can i claim this while filing taxes in US . 

What are the benefits of having home loan from India. Throw light

[lucky7]

2 hours ago, SamajaAlluduShanmukh said:

 

Bhayyas

I have a home loan in India and can i claim this while filing taxes in US . 

What are the benefits of having home loan from India. Throw light

No you cant. assallu india lo home loan unte ikkada neeku tax claim cheyyavachu anni idea neeku ella vachindhi bro. 

common sense tho think cheyyi koncham 

[Tesla]

28 minutes ago, lucky7 said:

No you cant. assallu india lo home loan unte ikkada neeku tax claim cheyyavachu anni idea neeku ella vachindhi bro. 

common sense tho think cheyyi koncham 

If you earn income in india while residing in US, I think you have to pay taxes in US based on if you are a resident of us or not (This resident status for taxes are different than the immigration status), don't know if you can deduct taxes paid and intrest paid in india  or not, but its not a stupid question is all I am saying.

 

Below link gives you how to determine if you are a resident or not. 

https://economictimes.indiatimes.com/nri/nri-tax/deputed-to-us-should-you-file-your-tax-returns-in-india-or-us/articleshow/12175803.cms

 

[lucky7]

2 minutes ago, Tesla said:

If you earn income in india while residing in US, I think you have to pay taxes in US based on if you are a resident of us or not (This resident status for taxes are different than the immigration status), don't know if you can deduct taxes paid and intrest paid in india  or not, but its not a stupid question is all I am saying.

 

Below link gives you how to determine if you are a resident or not. 

https://economictimes.indiatimes.com/nri/nri-tax/deputed-to-us-should-you-file-your-tax-returns-in-india-or-us/articleshow/12175803.cms

 

If you have any Fixed Deposits in India while you are staying in US and in that case you have to file FBAR, saying that you have additional income in another country and getting interest. But why IRS give you credit here, if you buy a home in india by taking loan in india ..? i am not saying its a stupid question. but logical ga think chesthe No annipisthundhi. 

Lets wait for experts to answer 

Ltt

[ve_ndor_bad_cows]

6 hours ago, SamajaAlluduShanmukh said:

 

Bhayyas

I have a home loan in India and can i claim this while filing taxes in US . 

What are the benefits of having home loan from India. Throw light

Benefits of having home loan from india? India lo illu ki US lo loan istaara? US lo illu ki india lo loan istara? Endhi vay nu--!

[BonguBooshanam]

5 hours ago, SamajaAlluduShanmukh said:

 

Bhayyas

I have a home loan in India and can i claim this while filing taxes in US . 

What are the benefits of having home loan from India. Throw light

You can claim the Home Loan interest under Tax Deduction.

[jua_java]

44 minutes ago, BonguBooshanam said:

You can claim the Home Loan interest under Tax Deduction.

Bro r u sure ? India lo home loan vunte ikkada tax returns claim cheyacha? Can you confirm

[appaji_pesarattu]

No....Indian home loans will not be considered in US Tax exemptions

[GLK]

Yes you can take advantage of Mortgage as well as Depreciation.

https://thelawdictionary.org/article/can-i-deduct-mortgage-interest-on-a-home-outside-of-the-u-s/

https://turbotax.intuit.com/tax-tips/rental-property/tax-deductions-for-rental-property-depreciation/L8tf7BPWz

It is applicable to anywhere in the world for US tax payers, not jut USA. If you earn Rental income report it as well.

Talk to a CPA, and ask him about these 2 benefits.

[BonguBooshanam]

1 hour ago, jua_java said:

Bro r u sure ? India lo home loan vunte ikkada tax returns claim cheyacha? Can you confirm

Yes Sure I have been doing from few years. The thing is you should also show your earnings from India and pay tax for it in US. When you are paying taxes in US fir the earnings outside of US you are also eligible to deduct your taxes for the mortgage interest.

[ronitreddy]

25 minutes ago, BonguBooshanam said:

Yes Sure I have been doing from few years. The thing is you should also show your earnings from India and pay tax for it in US. When you are paying taxes in US fir the earnings outside of US you are also eligible to deduct your taxes for the mortgage interest.

So it comes under itemized deduction?

[GLK]

14 minutes ago, ronitreddy said:

So it comes under itemized deduction?

No its Schedule E (Form 1040) - Here you declare your Rents, Mortgage, Taxes and Fees, Depreciation.

[Spartan]

Only interest amount ki claim cheyochu and then there is certain limit .

not the entire EMI. 

 

@k2s

[reality]

2 minutes ago, Spartan said:

Only interest amount ki claim cheyochu and then there is certain limit .

not the entire EMI. 

 

@k2s

+1...ask your bank to provide provisional interest certificate.

[CIA]

evado fake pakodi gaadu adigina daniki prathi vodu gonthu chinchukuntunaru ga? adevado mod akrama santhanam post esthe endukayya bp