[cdacsumit]

Hi,

I (having SSN) entered US first time on H1 Visa with my non working wife (without SSN, having ITIN) on H4 Visa in March 2008. We also had a new born baby (having SSN), born in Aug-2008 in US. I left US on 5th June 2009.

I have to file US return for 2009

1) I booked an under construction apartment in India for 42 Lacs INR. Possession: After 3 years. Advance: 9.4 Lacs INR.
Am I entitled for any rebate?

2) I don't have my US address. Can I provide my friend's address?

3) Incurred equity losses in India, by selling equities. Can I consider those loses here?

Regards,
Sumit

[MukatA]

Which return you are planning to file for 2009 -- dual status or joint return?
Did you report any equity losses or profit on your 2008 tax return? Which return did you file and your filing status?

[cdacsumit]

Which return you are planning to file for 2009 -- dual status or joint return?
Did you report any equity losses or profit on your 2008 tax return? Which return did you file and your filing status?

Hi,

My wife was on H4. I am planning to file a joint return, with Resident alien status for 2009. I can include Indian income from June to Dec 2009 and submit form 1116 to claim the Foreign Tax Credit for income taxes paid to India. Is this possible?
I reported Indian equity losses on US 2008 return and I filled a joint return, with Resident alien status.

Hope, this will help you to answere all of my queries.

Regards,
Sumit

[MukatA]

As per IRS you are dual status. You have also completed substantial presence test in 2009.
You should read IRS Publication 519, chapter 1, page 9; Last Year of Residency.

[cdacsumit]

As per IRS you are dual status. You have also completed substantial presence test in 2009.
You should read IRS Publication 519, chapter 1, page 9; Last Year of Residency.

1) I booked an under construction apartment in India for 42 Lacs INR. Possession: After 3 years. Advance: 9.4 Lacs INR.
Am I entitled for any rebate?

2) I don't have my US address. Can I provide my friend's address?

3) Incurred equity losses in India, by selling equities. Can I consider those loses here?

[AtlantaTaxExpert]

Sumit:

You CAN file jointly with your wife as residents for 2009, using the 31 December 2009 default termination date, proviuded you claim your 2009 Indian income on the 2009 return.

OR

You can file dual-status by yourself, claim your wife and child as dependents.

In either case, you can claim the $1,000 Child Tax Credit because your child is, by law, a U.S. citizen.

In either case, you MUST submit a Residency Termination Letter to the IRS (mailed to the Austin, Texas IRS Center). The contents of that letter is specified on page 10 of IRS Pub 519.

[cdacsumit]

Sumit:

You CAN file jointly with your wife as residents for 2009, using the 31 December 2009 default termination date, proviuded you claim your 2009 Indian income on the 2009 return.

OR

You can file dual-status by yourself, claim your wife and child as dependents.

In either case, you can claim the $1,000 Child Tax Credit because your child is, by law, a U.S. citizen.

In either case, you MUST submit a Residency Termination Letter to the IRS (mailed to the Austin, Texas IRS Center). The contents of that letter is specified on page 10 of IRS Pub 519.

Hi, I booked an under construction apartment in India for 42 Lacs INR. Possession: After 3 years. Advance: 9.4 Lacs INR.
Am I entitled for any rebate in US?

[AtlantaTaxExpert]

Not to my knowledge!