[skr450]

Hi,

I am having a home loan in India, I would like to show interest paid in US taxes,
And I have rented my house, what documents I can expect to show my income.

Thanks,
Sudheer

[AtlantaTaxExpert]

Assuming you are filing as a resident alien in the United States, you should submit Schedule E with Form 4562 to depreciate the house. This is REQUIRED because all world-wide income must be declared. However, due to the depreciation expense, you will likely show a LOSS on the federal tax return.

The only difference between you and a U.S. citizen is the depreciation length. For a house overseas, the depreciation length is 40 years versus 27.5 years for a U.S. property.

If you need professional help with this return, please email me at the email address in my profile.