The Economic Times: What Indian Americans should do when they inherit property in India

Vinay 97984Shareholder Vinay S. Navani was featured in this article that originally appeared in The Economic Times

In an ongoing series, we have seen various aspects of inheritances of property in India by Non Resident Indians (NRIs). We've seen the importance of a Will, how to transfer title on inherited property, sale of inherited property and repatriation of proceeds thereon etc. Let us now look at what happens if you are a US resident, Green Card holder or citizen and receive inheritance from India.

NJ CPA: Avoiding New Jersey Gross Income Tax Pitfalls

Principal Karen Schirmacher, CPA, MST and Karen Schirmacher  A4497032Supervisor Lauren Landolfi were featured in this article that originally appeared in NJSCPA.

The New Jersey state income tax is a tax on gross income, so losses and deductions are only allowed in limited situations. Income is categorized into different buckets.” While all income is taxed at the same rate, taxpayers cannot offset losses from one bucket with income from another. Individuals owning businesses held in separate entities (e.g., S corporations, LLCs and partnerships) are most likely to be affected by this issue. The following examples illustrate the impact of this rule. Avoiding New Jersey Gross Income Tax Pitfalls

 

Published: Sept 2011

 

 

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