Investors & landlords

@DABU 

Travel expenses would be deductible on schedule E if this was a rental property and you were reporting rental income. I’m not convinced that travel expenses are an allowable adjustment to basis when selling a personal asset. Publication 551 discusses adjustments to basis in more detail.

https://www.irs.gov/pub/irs-pdf/p551.pdf

 

Proerty taxes are deductible as schedule A itemized deductions, not as an adjustment to basis on the capital gain that you will report on schedule D.  You can always deduct property taxes you pay on any property that you own, even if it is not your main residence. However, the deduction for all of your state and local taxes —including state income tax and property tax—is capped at $10,000 for tax year 2018 through 2025.  If you already have paid more than $10,000 of state and local property tax in the US, you will gain no additional tax deduction from the property taxes on your home in India.  Additionally, you must have enough itemized tax deductions to benefit from itemizing rather than using the standard deduction.