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    Bullbear007's Avatar
    Bullbear007 Posts: 1, Reputation: 1
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    #1

    Dec 24, 2012, 05:24 PM
    Can I deduct taxes and other payments made on a second home outside of the US?
    I'm a US resident alien living in the US but buying a condo in my country of origin (Belgium) for my parents to live in. I'm not taking any type of bank-issued financing to pay for the condo. Is there any expenses I can deduct on my US tax returns, i.e. property taxes, fees related to the purchase, HOA fees, utilities, maintenance expenses, etc. My parents will be the primary occupants of the condominium although I'll also be staying there when visiting. Thanks in advance for any type of advice you can provide!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 24, 2012, 06:44 PM
    The easiest way to handle this tax-wise is for you to RENT the condo to your parents. That way, you can deduct all of the costs PLUS depreciate the condo as a business property over 40 years.

    You WILL have to collect market-level rent from them.
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