r2i forum

BOBUS: Reference #55: My reading says, in India LTCG taxes on RE sale are 10% without indexation and 20% with indexation. One can use lowest of the two. Hence the LTCG tax will be 10% or lower. I used 10% for simplicity of calculation. I agree with you on educational cess and surcharge, I missed on ...

BOBUS: Reference #55: Yes, I was referring to section 1031 exchange. This law allows deferral of CG if invested in similar RE property with higher value. I will post more on 1031 after reading the relevant law. Is there any other thread on this forum which addresses US taxation on sale of Indian RE ...

One more aspect which may have influence on IC/USC combo decession is "self employment tax". Bobus, what do you think about this? One thing I do not understand is "Whys is SS and medicare taxes are lavied on self employment of USC abroad and not on regular salary from a job?" Can this change in ...

[COLOR=black][COLOR=black][FONT=Arial][SIZE=3][COLOR=black]BOBUS: First off all thanks for all the great inputs.[/COLOR][/SIZE][/FONT][/COLOR][/COLOR] [FONT=Arial][SIZE=3][/SIZE][/FONT][COLOR=black] [COLOR=black][FONT=Arial][SIZE=3][COLOR=black][/COLOR][/SIZE][/FONT][/COLOR] [COLOR=black][FONT=Arial ...

[FONT=Calibri][SIZE=3]BOBUS:[/SIZE][/FONT] [FONT=Calibri][SIZE=3][/SIZE][/FONT] [FONT=Calibri][SIZE=3]Reference #40:[/SIZE][/FONT] [FONT=Calibri][SIZE=3][/SIZE][/FONT] [FONT=Calibri][SIZE=3]Both USC spouse and IC spouse have been working in the USA and plan to continue working in India. USC spouse ...

BOBUS:



IC Spouse Assets:

Location- USA: After tax mutual funds investment: 130K; 401K: 140K;

Location- India: Flat: 160K; Land: 140K



USC Spouse Assets:

Location- USA: Cash: 60K; 401K: 20K



R2I-2008

Bobus,

I applied for USC end of last week, since I was running out of time. My intention is to make a clear decission in next month or so. In case I decide to not to take USC, will withdraw USC application at the time of interview. I hope this is feasible.

R2i-2008

Here is a great document which gives latest information on USC/IC couple estate transfer. [URL]http://www.fpanet.org/journal/articles/2008_Issues/jfp0108-art8.cfm?renderforprint=1[/URL] Especially it clarifies estate transfer issue from a USC spouce to non-USC-non-resident spouse. There is a ...

[FONT=Times New Roman][SIZE=4][B]Looks like there is a workaround on estate taxation issue for USC/IC couple:[/B][/SIZE][/FONT] [FONT=Times New Roman][SIZE=3] [/SIZE][/FONT] [FONT=Times New Roman][SIZE=3]IC spouse?s estate (domicile in India) = estate in the USA. Estate beyond 60K comes under estate ...

Thanks for moving it to right discussion board..