@ErnieS0
Hi Ernie, I hope you are well. three quick questions.
1. Based on what you mentioned, oversea real estates are not needed to be reported. Therefore, when we say foregian account balance reaches 10 k USD (Fbar) or 50k USD (8938), I assume it also excludes the value of oversea real estates, right?
2. In terms of oversea mortage, I assume I do not need to report it, right? If my mortage interests cost is above the standard deduction (at moment not), I can choose to report my oversea mortage. But if I do not want to report it, I do not need to. Is it correct?
3. In the future, if I want to rent out my oversea flat after my husband comes in USA, can I only claim the mortage cost after it is above the standard deduction or I can enjoy both standard deduction and the mortage cost as the expense if I rent it out?
Thanks,
Helen
