Hi I am a US citizen, returned to India in October 2013. I own a house in US and I pay my mortgage and have rented it out. I have the following questions. When i file my 2013 US taxes 1. I have Indian earning for the period of Oct-13 to Dec-13 - I will enter this as Income in my US filing 2. I have paid my Indian tax for Oct-13 to Dec-13 - Do i enter this as tax already paid in India and do i take a credit in US tax. If so how do i do it, I am using Turbo tax to file file tax. 3. For the US house I own - Do i enter the rental as income and mortgage as expense in US tax. Do i have to show this in Indian tax 4. I have bought an apartment in India - Do i take deduct the mortgage from the Indian Income. Do I have to show this in US tax 5. The house I won is in California - Do I have to file California tax for 2014 onwards, I understand I will be filing US Federal tax forever. Thanks Siva
Am I missing something. Why haven't you filed your 2013 taxes yet? Did you get an extension? #2 I don't think you can take credit in US tax. But please consult the right tax consultant. #3 I believe you should enter the rental as income and mortgage as expense in US tax. Dont think you need to show this in Indian tax. #4 I don't know if you can deduce the mortgage from Indian Income, but I believe you can deduct this from US Tax. Look into this. #5 I do believe that you have to pay california tax as your house is in california( why 2014 onwards and why not 2013 ). Also, you do pay the property tax in california right? All of these are IMO, no guartantees. When you have all of this figured out, kindly let us know. Will help someone in future.
