r2i forum

Guys,
IRS suggested to use "Schedule E" to show the interest expenses on the loans. Hope this helps someone.

Link for "Schedule E"
[URL]http://www.irs.gov/pub/irs-pdf/f1040se.pdf[/URL]
Link for "Schedule E Instructions"
[URL]http://www.irs.gov/pub/irs-pdf/i1040se.pdf[/URL]

-Thanks
-Lokesh

Could anybody please point me in the right direction on how to handle the loans and loan interests?

-Thanks
-Lokesh

Hello everybody, I am surprised not to see recent threads on OVDI filing. On my side- Finally I got all the statements from 2003 through 2010, after calling bank managers many times and sending follow-up emails. They were very cooperative, easy to work with, just that it took lot of time. Could some ...

[QUOTE=greyfri;410938]Really, no options. If something is tax deductible in India, you will pay US taxes and get no credit for Indian taxes. There are 5 year tax saver FDs, but then you pay taxes in the US. There are very few categories of income exempt in both countries. About the LIC policy ...

[QUOTE=greyfri;410407]In the US, for FDs > 1 year, you have to pay tax from day one for FDs that reinvest interest. The documents you need for US tax returns are TDS certificates from bank. Note that because the Indian and US tax years are different, some of the Indian tax may be accrued, but not ...

[QUOTE=Imissindia;409315]Yes you have to pay tax in US but using the DDTA you can claim some deduction for Indian taxes. All FDs pay interest at the end (on maturity) but interest is credited to your principal every quarter and that earns you a higher yield.[/QUOTE] Is it an option to pay tax at the ...

[QUOTE=cmk786;409374]Why are you so sure that the dollar value keep going up every year and in 4 years you get rs 49.50 for a dollar. It could go either way. Dollar value may even come down in 4 years to less tha rs 46.00. But you seems to be very sure that the dollar value keep going up. Please ...

[QUOTE=oasis138;410123]Maybe you could have waited..its close to 48 today....[/QUOTE]

ICICI's today's exchange rate is 47.37 (variable) and 46.81 (fixed). Which bank is offering Rs. 48?

Yes I did file for extension. I am calling Indian banks to get the statements to file for amendments.

Guys, What financial documents are needed from Inidan banks to file for FBAR and OVDI? What is the best way to get these documents? Can we get these documents using online accounts? Do we have to go to the same branch where we made the FDs or is it centralized in India? Does it have to be in any ...