Tech Industry
Yesterday
1689
Getting sextorted
World Conflicts
Yesterday
544
The False Narrative of Israel Committing "Genocide"
World Conflicts
Yesterday
648
Its truly heartbreaking, I can’t work. I can’t focus, isn’t there anyone who can convince Israel to stop Raffah invasion
Tech Industry
2h
929
Serious question: why are Indian marriages arranged?
Tech Industry
Yesterday
796
A lot of people here serve money and not God
Folks on H1B, what all deductions apart from Tsanxrf deductions you use? I don't own a house, no mortgage interest paid. The tax firm I work with mentioned we could avail tax exemption of 25000$ (married filing jointly) under the "Exception for certain Real Estate Activities". For this they mention we should account rental property in home country (India). This doesn't sound legit. Has anyone done this? Is there any other deductions we could avail when Married filing jointly to lower our taxes? #cpa #tax #h1btax TC: 250k
You need an accountant, you can't afford to guess and get it wrong. Foreign real estate and investments puts you at higher risk of an audit. At $250K TC, spend the money for a consultation.
You’re opening yourself up to a lot of headache if you start including foreign real estate and foreign bank accounts into your tax filings. Not to mention, your risk of an IRS audit also goes up substantially the more “loopholes” you exploit. I think the CPA is just trying to make more money off you because they generally charge more for more complex tax returns. Ask the CPA if they will “defend you fully for free if you get audited by the IRS” and provide that to you in writing. 🤣
Which tax firm? I have a foreign real estate and never did this but will consider after analyzing the pros and cons
Pls DM me the tax firm
I googled. Looks like it is legitimate for individual filings. But see how are you proving these losses - maybe you will have to show transactions of rent being received and you spending way more than rent for renovating property (total delta of -$25000), plus with the property being on your name. I am just guessing, I have no clue. But this is interesting. Can you DM me tax firm? I would like Jugaadu CPAs too.
Is your modified adjusted gross income below $100,000? Are you still eligible for this exemption if it is above $100,000? If not, how are you showing it as below $100,000? Referring to 1st paragraph: https://www.investopedia.com/terms/r/rentalreal-estate-loss-allowance.asp
No, sounds like tax fraud. It is legit if it is a US rental property. Change cpa asap.
~Why the f* would you get a tax deduction for property you own outside the country? I guess do it if you want to leave the US permanently~ I stand corrected you can claim mortgage interest deductions
Because you also pay taxes in the US for real estate or any other source that generates income outside of the US. So if my parents buy me a house in my home country with their saved money and I take rent from that, I pay taxes in the US on that rent. Like wtf.
Don’t do it. The last thing you want to lie is irs