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How Has the New U.S. Tax Law Affected Deductions for Foreign Property Ownership?

Source: mansionglobal.com - May 18, 2018

Q: Under the new tax law, are taxes paid to foreign countries deductible against U.S. income tax in the following cases? 1. annual property taxes 2. capital gains tax on sale of foreign realty 3. taxes on acquisition of foreign property?

A: Annual property taxes on an overseas property are no longer deductible under the Tax Cuts and Jobs Act of 2017, according to Mark Stone, a partner at New York City-based firm Holland & Knight. These changes will be in effect for the period between Dec. 31, 2017 and Jan. 1, 2026.

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Category: General Business