- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tax law changes
@Laura_CPA I have a similar situation. I sold a property in India in Jan 2024. I started renting it from 2015. I have lived in US since 2015.
1. Cost basis - I added the depreciation cost till date from my last year's 1040 that I took on this property as it was a rental property. is this correct? Can I add depreciation cost to the cost of purchase?
2. Should I call this a "second home" or "other". I have a loss that I can declare on this property. If I declare this as a second home, I cannot take a loss.
3. when I filed for taxes in India, I was able to show net loss. So even though tax was collected at the time of the sale, I was able to claim it back as a tax refund later in the year. so I paid 0 tax in India. Should I bother filling foreign tax credit? Does it even apply to me?
Please advice.