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I Concur with with USCIS-gc-approUSCIS_GC_APPRO said:Come on guys. People never even discussed about immigration issues in this fourm are discussing land values in immigration fourm.
USCIS_GC_APPRO said:Come on guys. People never even discussed about immigration issues in this fourm are discussing about land values in immigration fourm.
That's sad part.
GaramChai2go said:Yeah buddy, if we could have invested in real estate then we never had to worry about immigration. How about that?
Dude I did not start discussion... moreover is it classified that only immigration will be discussed here..... complain to operations if really care otherwise ignore it.......USCIS_GC_APPRO said:We stop talking about Land . Please, Garamchai2go please co-oprate here.
i am not interested to have any investment in indiaGaramChai2go said:That advice came in late... sorry....where were you?
99.99% people on visa pay taxes (including medicare). so I dont know what you mean by this statement . also dont forget the dot com boom (and tech boom) have had valuable contributions to this country (and the world) from immigrants (not just India but other countries)..so one persons post doesnt change anything or makes a fact hypocritical.unitednations said:What happened to the great contributions that people on h-1b do for this country. Pay taxes, medicare, etc. Pretty hypocritical, no?
There is tax treaty between usa and india - signed in 1989. Whenever they want to get around to it; i hope you guys are prepared.
UN.. Could you give some more information about this. Say for eg a person who gets the whole salary(i.e they do not get any of this - per diems, travel expense reimbursements, deductions of corp to corp to India, etc.) pays all the taxes here and whatever money that person has saved(after taxes and expenses) and invests it in India, does that person still have to pay something over here in US for the investments made in India too??unitednations said:Everyone likes to play hard and fast with the rules. I deal with a lot of companies and individuals.
Off-line I have been warning people that they need tio be real careful in how they send money back to india (especially companies who are laundering profits through corp to corp).
EVERY person I know of sends money back; either to support relatives or for investment purposes. I think it is odd when people say they are making great contributions with all the taxes they pay; job stimulation, etc. when they are generally sending all their savings and avoiding taxes by sending money to home country.
Regarding the tax issue; i used to think at high levels; ie., irs is only interested in going after tax shelters, etc. However, some recent events which people have contacted me about as sort of re-engineered my thinking that IRS is going after small things (per diems; travel expense reimbursements, deductions of corp to corp to india, etc.). Just be careful; if you guys think uscis is tough; you haven't seen how tough IRS is.
I would say let's move this thread to may ''Starting a business....". Some people seems to be annoyed with it...AAA_USA said:As I was saying before, If NRI's are playing a major role in the real estate boom( I am not sure whether it is a bubble or not), why don’t we spread the message and request people to discuss about the bubble possibility instead of keep buying properties at an exorbitant price.
As in US, like money.com which kept on telling people in 2004/2005 that there is a bubble in US real estate market, there is nothing in INDIA and people are making beeline in INDIA to buy properties at whatever price.
So is this applicable for H1-B holders or for GC holders and Citizens?unitednations said:If you have a foreign bank account and it is over $10,000 (can't remember the exact number) then you need to complete some special forms.
Tax law says you get taxed on worldwide income (you get worldwide deductions also). If you buy/sell property anywhere throughout the world then you need to report the capital gain on your us tax return.
If you make interest in a foreign savings account; you need to put that on your tax return in USA.
If you own more then 10% of a foreign company you need to complete a special tax form and send it to IRS in philadelphia (it is very complicated form); if you don't do it then there is $10,000 flat penalty.
I see a lot of people owing or stating up companies in india; branch offices; back office) playing around with expense deductions, creating invoices, etc. and taking tax deductions on us tax returns. Not at all smart moves. If IRS comes and audits it will cause big issues.
Note: Many people do this and do not know there are repurcussions. There is ways to do it but most people don't have the knowledge or are too sloppy to do it the right way. Plus it costs some big money to pay to service providers here to show you how to do it the right way. Right now people are getting away with it because it isn't on IRS focus; it only gets on IRS focus when they do a random audit.
However; I see that people are getting more bold; there are conferences, advertisements telling people to invest in properties back home; savings vehicles, etc. As it gets more in the open; eventually someone from federal government; irs will start probing this.