Financial advisors recommendations

[The Doc]

Hi

 

I have 2 properties in europe and moved to the US 3 years ago , does anyone have experience with an inernational accountant ?  I want to find out if I can deduct the mortgage interest and other expenses for my properties in europe !!

 

thanks

[jfoxcpacfp]

Basically, you have to go to the requirements of the tax code. For example, IRS pub 936 articulates the requirements for deducting mortgage interest, explaining the requirements that must be met for you to deduct mortgage interest on a foreign property. If you meet the requirements of Pub 936, you can deduct your foreign mortgage interest.

You can find accountants on the internet who specialize in foreign taxation only, usually for ex-pats (US citizens who live abroad). Otherwise, my experience has been that there are general rules dictated by the IRS and that some parts of the code are dependent upon the particulars of the treaties between a certain country and the US. States tend to follow the federal tax code in this area. This area is fact- and circumstances-dependent.

[The Doc]

Thanks for the advice,

Do you know the best way to find good accountants who have expertise in this area as well as US taxation?

[Hank]

AICPA and perhaps a specialty section for foreign / international?

This really isn't all that exotic in the grand scheme of things.

[jfoxcpacfp]

The Doc wrote:

Do you know the best way to find good accountants who have expertise in this area as well as US taxation?

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I really don't want to toot my own horn, but we do. Laura Clifford, CPA, who works with all of our physician clients (along with me), is listed on this site under Recommended Advisors - Tax Strategists.

Unfortunately, the AICPA has not been as proactive about promoting specialties as the financial planning community has. You might try Googling with your specific search parameters.

[Scott at MD Financial Services]

You should chat with Johanna, her firm might be a great fit for what you need.

[The Doc]

sounds  good, Ill check them out   

[jfoxcpacfp]

Scott @ MD Financial Services wrote:

You should chat with Johanna, her firm might be a great fit for what you need.

Click to expand...

Thanks, Scott!