Ask Experts Questions for FREE Help !
Ask
    roys0001's Avatar
    roys0001 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 14, 2011, 04:34 PM
    Need Help to get Tax deduction
    Hi,

    I am in US in L1 Blanket. I have a home loan in India and some mutual funds.
    Is it possible to get Tax deduction in US for above investments? If so, could you please let me know the process.

    Thanks,
    Soum
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 8, 2011, 01:49 PM
    No deduction is available for the mutual funds.

    The mortgage interest on the home MAY be deductible if the payment is high enough to exceed the standard deduction.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Tax deduction [ 1 Answers ]

I want to make a $35 to Wikipedia. If I itemize that, how much do I actually get to write-off my income tax? Is it 100% of $35, or less than that? Thanks!

Tax Deduction [ 2 Answers ]

How do I start the process of setting up the correct paper work, to deduct federal, state, and/or medicare and medicad taxes from my employees?

On the Indiana State Tax Return can I take the property tax deduction? [ 1 Answers ]

I received the 2008 property tax bill and paid the bill. I purchased the home in 2008 and the seller paid property taxes through an adjustment on the closing statement. The only qualification I see about property taxes is that they have to be the taxes for your primary residence and I satisfy...

File 2007 tax deduction on 2008 tax if missed on 2007 taxes [ 1 Answers ]

How can I refile my 2007 taxes on my 2008 tax in TAXCUT? I got a new air conditioning unit and a new water heater due to a lightning strike. Can I claim the appliances as major renovations to the house or can I at least claim them as an energy efficient deduction.

Llama tax deduction? [ 1 Answers ]

Okay- We will be getting a few llamas at our house. We are allowed to have 2, based on the acreage and city rules. Are there any tax deductions in this for me? First, they will help in keeping the grass down, because we have to keep it cleared per city fire rules; second, I want to shear them and...

View more questions Search