Tax Queries
1. Tax Savings Options for Married Filing Jointly:
How can we save on taxes? What are the different tax savings options available for those who are married and filing jointly?
2. Tax Credits and Benefits for Home Purchase and Solar Installation:
I bought a house in a new construction community in November 2024 in San Diego, CA. I have also purchased a solar + battery system that cost me $30,000. Can I claim credits for this expense on my taxes? Are there any other exemptions or benefits I can opt for?
3. Investment Options for NRIs and Tax Implications:
I am a citizen of India and planning to invest in the Indian stock market. Is it better to invest in the Indian stock market using US ETFs, index funds, or brokerage platforms? Or is it suggested to open an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) bank account that allows NRIs to invest in Indian mutual funds and stocks directly? Is it easy to move money from an NRE account back to the USA? What are the tax rules applied by the USA? I read that an NRE account is tax-free in India, so is it advantageous if we move the funds along with capital gains to the USA? Does it work if we move back funds to India?
