Tax Write-Off On Home In China?

[BillV 8-16-2004]

Could you use a home you own in China as a tax write-off? My wife and I have a home there and this year we made a trip there to do some home repairs and we pay a monthly fee for maintenance, security, and electricity which is a minimal fee $40 a month, the home is pay off. My question is could this be used as a write-off or would we need to rent it out? Could the trip or a portion be used as a write off? Or what could be considered a write-off if anything?

[credzba]

I would like to know this as well.

We have apartments rented out in China.

We own another we live in and are having another built.

 

I am willing to pay a tax specialist to get this answer if anyone can refer me. I would LOVE to write off my china trip expenses since I check on our apartments when I visit, and do repairs as needed.

 

Anyone know the answer, or know a tax specialist ?

[GZBILL]

I would like to know this as well.

We have apartments rented out in China.

We own another we live in and are having another built.

 

I am willing to pay a tax specialist to get this answer if anyone can refer me. I would LOVE to write off my china trip expenses since I check on our apartments when I visit, and do repairs as needed.

 

Anyone know the answer, or know a tax specialist ?

 

My company retains PwC to handle our expat employee tax equalization issues and I hav almost every year, had the same discussion with them about US taxation as it pertains to my overseas properties.

 

I have 8 properties here and what PwC has advised is that I can write off my trips to China as a business expense, but because I am assigned here through my employer. I have never asked them if I could without being actually employed here and only due to owning property.

 

They said that I must report any capital gains from property transactions and rental income while being able to deduct the interest paid on mortgage payments. They also believe I can deduct all the expenses of owning property here that I could while back in the States. That said, I have had one tax specialist back home tell me that PwC is wrong.

 

I follow PwC's advice, but not because I trust them implicitly, rather than because they also sign my tax returns and we have a contract with them that states if they sign the return they are 100% liable for any screw ups and resulting additional taxes, penalties and interest.

 

Unfortunately in China their income tax system doesn't allow for deductions like the IRS does.