Friday, February 26, 2010

Can we claim tax in US, if we buy house outside US?

What do you mean by ';claim tax?'; You don't ';claim'; taxes, you PAY taxes.





If you own a primary or second residence anywhere in the world, you can deduct the mortgage interest paid as long as the mortgage is secured by the property and the total mortgage amounts are $1,000,000 or less.





You can also deduct the property taxes paid on all owned real estate as long as the tax is based upon the value of the home. Some countries levy an occupancy tax that is only loosely coupled to the value of the home. Those are NOT deductible as property taxes. A good example of that is ';Rates'; charged by the local Councils in the UK.Can we claim tax in US, if we buy house outside US?
Can you claim what?
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