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US tax question (regarding Shanghai property)

Just like it says.. a forum for discussion of these things.

US tax question (regarding Shanghai property)

Postby qpoo » Tue Mar 18, 2008 1:35 pm

According to IRS web page:
...
Real estate taxes paid on your primary and second residence are, generally, deductible. Deductible real estate taxes include any state, local, or foreign taxes on real property levied for the general public welfare.
...

http://www.irs.gov/faqs/faq3-6.html

The property tax one pays to buy an apartment in Shanghai is 1.5 or 3%
of the whole value. Can this be deducted?
qpoo
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Postby veritax » Tue Mar 18, 2008 2:58 pm

no, added to your purchase price, and be part of the property's cost basis.
veritax
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