To the extent that expenses are not reimbursed, residents and non-residents can deduct properly substantiated expenses incurred in earning employment and other income, for example, business-connected travel expenses, automobile expenses, subscriptions to professional or trade organisations, certain home office expenses …
Can non-residents deduct mortgage interest?
In general if you are taxed as a resident alien you can deduct home mortgage interst as an itemized deduction. If you are a nonresident alien you are limited to the itemized deductions you can claim and home mortgage interest is not allowed.
Do I need to declare foreign property to IRS?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
What is SRS tax relief?
The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.
Are there any tax deductions for being a real estate agent?
Annual fees are a common cost of doing business and are deductible. In real estate, that means your state license renewal, professional memberships, and MLS dues. An important caveat with regard to professional memberships: the portion of your membership dues attributable to lobbying and political advocacy is not deductible.
How many miles can you deduct on your taxes for real estate?
Between showings, listing presentations, and more, miles can rack up fast. With the standard auto deduction, every mile you drive for your business can be deducted from your taxes. If you drive 10,000 miles or more annually for your real estate business, it’s likely you’ll get the greatest tax benefit by taking the standard mileage deduction.
What are the rules for claiming a property tax deduction?
This is called a real estate tax. You can deduct the tax if it is assessed uniformly at a like rate on all real property throughout the community. The proceeds must be for general community or governmental purposes and not be a payment for a special privilege granted or service rendered to you.” 1
Is the property tax deduction the same as real estate tax?
The property tax deduction isn’t quite the same as it was in previous years. Here’s what the Internal Revenue Service has to say about it in Publication 530: “Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax.
