Investment Property In Another Country
If I buy an investment property in another country, do I still get tax benefits such as deductible interest/business expenses, depreciation, tax free capital gain, etc? Can I claim that property as second home? Do I have to pay income taxes for both countries? Any good website that you can recommend? Thanks. [ Edited by ew86 on Date 10/18/2003 ]
Whether or not your rental income from foreign property is taxed by that country is determined by that country's tax codes.
Any foreign tax you do pay on foreign earned income can be taken as a credit against your US federal income taxes.
Try http://www.irs.ustreas.gov/ for more specific information.