Can i claim puchase of property outside USA while filing taxes in USA?

Question

I have purchased property outside of USA in 2006. Can i use it in itemized deduction. What form i have to submit? If i can't use it for itemized deduction then what are my other options?

I have purchased property outside of USA in 2006. Can i use it in itemized deduction. What form i have to submit? If i can't use it for itemized deduction then what are my other options? The property is not residential, its a commercial property and i'm going to use it in future for business.

This is a question in reply to tma's answer: I have puchased that property using the income i have made in US. and the business is not started yet. I have paid property taxes in that country again using the income i have made here in US.

Answer 1

You cannot take itemized deductions on commercial property. Once your business is up and running, you will depreciate the building and deduct any business expenses you have on the business tax returns.

Answer 2

If it's your primary residence or a second home, the morgtage interest is deductible. If you pay property taxes based upon the value of the home, those are deductible as well. Claim those on Schedule A.

If it's a rental property, claim your income and expenses on Schedule E.

Answer 3

So, you have a valid green card and you're clueless approximately the thank you to report taxes. a million. of direction you will possibly desire to report. US tax regulation taxes you on international earnings. sure, you're required to report all suitable varieties. meaning showing gross earnings and then showing deductions for costs you could checklist. (If any of your freelancers have been US persons or working interior the U. S., you're additionally delinquent on submitting 1099-Misc/1042-S varieties.) that's self-employment earnings and triggers 15.3% self-employment tax on the internet income. SE tax is to boot to earnings tax. in case you reside outdoors the U. S. for 330 days each and each 3 hundred and sixty 5 days, you could exclude as much as $96K of foreign places earned earnings for earnings tax purposes in basic terms. (Eg, $10,000 of internet income remains $1413 of SE tax. 2. US tax returns are calendar 3 hundred and sixty 5 days. You report 2008 earnings on the 2008 tax return. in case you filed without it, you AMEND that return. you would be difficulty to consequences and interest (and probable fraud or accuracy consequences) for 2008 from 4/15/2009 till that is paid in finished. 3. in case you have a financial corporation account that at ANY TIME has $10,000 or extra in it, you in addition to mght have a submitting requriement for type TDF ninety-22.a million The consequences for failure to report this type are laborious and the IRS is cracking down on those.