US Tax ramifications of owning a condo unit

[Jollygoodfellow]

I think this article sums it up.

http://www.investopedia.com/articles/personal-finance/022415/do-you-get-us-tax-deductions-real-estate-abroad.asp

[mogo51]

Hi Jack,

I am just expressing a personal view, I would not be running to them with my hands in the air. but if that what floats the boat, then by all means.  Will they let you write off if you lose a couple of million pesos from the small nest egg you may have accumulated over 45 plus years of work.

Sorry Jack, but I don't see the need personally, I doubt US Revenue would worry too much, but then I have heard they can be pretty  ruthless, but so can Oz. Just my opinion.

Not a scam, just protecting what I have for the sunset years.

[Jack Peterson]

11 minutes ago, Jollygoodfellow said:

I think this article sums it up.

http://www.investopedia.com/articles/personal-finance/022415/do-you-get-us-tax-deductions-real-estate-abroad.asp

Yes all agreed but you have to Admit you have it to Claim the Deductions.

[Jack Peterson]

10 minutes ago, mogo51 said:

Hi Jack,

I am just expressing a personal view, I would not be running to them with my hands in the air. but if that what floats the boat, then by all means.  Will they let you write off if you lose a couple of million pesos from the small nest egg you may have accumulated over 45 plus years of work.

Sorry Jack, but I don't see the need personally, I doubt US Revenue would worry too much, but then I have heard they can be pretty  ruthless, but so can Oz. Just my opinion.

Not a scam, just protecting what I have for the sunset years.

Each to our own but Any Countries tax System is not one I would want to get caught foul with.

[mogo51]

10 minutes ago, Jollygoodfellow said:

I think this article sums it up.

http://www.investopedia.com/articles/personal-finance/022415/do-you-get-us-tax-deductions-real-estate-abroad.asp

Hi Jack,

I am just expressing a personal view, I would not be running to them with my hands in the air. but if that what floats the boat, then by all means.  Will they let you write off if you lose a couple of million pesos from the small nest egg you may have accumulated over 45 plus years of work.

Sorry Jack, but I don't see the need personally, I doubt US Revenue would worry too much, but then I have heard they can be pretty  ruthless, but so can Oz. Just my opinion.

Not a scam, just protecting what I have for the sunset years.

 

The article is relevant if:

1. You are from US.

2. You are in such a position ie. have properties in both places 

3. Like a lot of us, just living from cheque to cheque

 

 

[mogo51]

I think it is time for a Pils Jack!  I can taste one from here.

[Jollygoodfellow]

30 minutes ago, mogo51 said:

The article is relevant if:

1. You are from US.

2. You are in such a position ie. have properties in both places 

The article is relevant to the OP as thats what he was asking about. US tax law and condo ownership.  

[Happyhorn52]

In the US, Mortgage Interest and Property Taxes are deductible but only if they are in excess of the Standard Deduction. The Standard Deduction is $9,300 for a single taxpayer and $12,600 for married couples. If mortgage interest and property taxes exceed these amounts you can itemize deductions to reduce your tax bill. If you sell the Condo for a profit you would have to pay Capital Gains taxes on the Profit, but there is a $250,000 exclusion so you are probably in the clear here as well. 

[OnMyWay]

1 hour ago, Happyhorn52 said:

In the US, Mortgage Interest and Property Taxes are deductible but only if they are in excess of the Standard Deduction. The Standard Deduction is $9,300 for a single taxpayer and $12,600 for married couples. If mortgage interest and property taxes exceed these amounts you can itemize deductions to reduce your tax bill. If you sell the Condo for a profit you would have to pay Capital Gains taxes on the Profit, but there is a $250,000 exclusion so you are probably in the clear here as well. 

It also depends on what you do with the condo.  If you rent it out then it becomes a business and taxes are different.

[OnMyWay]

8 hours ago, Jollygoodfellow said:

I think this article sums it up.

http://www.investopedia.com/articles/personal-finance/022415/do-you-get-us-tax-deductions-real-estate-abroad.asp

I didnt read the article before my other post.  That is a good summary.