Hi,
I am an employee and I purchased an apartment in India in December 2024. To acquire the property, I incurred various expenses such as commissions, homeowner association dues, insurance premiums, local property taxes, management fees, travel expenses (for traveling to and from India), and utilities. Additionally, I took a partial loan to finance the property.
- Could I claim any deductions for these costs on my US tax return? Will it be under Schedule E (Form 1040)?
- I have rented out the apartment starting in January 2025, and the rent is being deposited into my Indian bank account. Next year, I understand that I will need to report this rental income as earned income in the US. However, could I claim any deductions on this income, considering I am also paying a mortgage?
Thank You!
