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Hello,
I am currently living in US form past 5 years. I am married and we are family of 2. We both are currently employed with very good employer. We are planning to buy a condo here in Washington state with the help of financing. However we have plan to go back to India in 2017 for few years ( 4-5 years) and before leaving , we are planning to rent out the condo we will buy.
We wanted to know what are the tax implications if we own a rental property here and rental income is the only source of our income in US for those 4 or 5 years while we are not living in US for those years and not working here.
I would really appreciate your advice if its a good idea to pursue.
I am currently living in US form past 5 years. I am married and we are family of 2. We both are currently employed with very good employer. We are planning to buy a condo here in Washington state with the help of financing. However we have plan to go back to India in 2017 for few years ( 4-5 years) and before leaving , we are planning to rent out the condo we will buy.
We wanted to know what are the tax implications if we own a rental property here and rental income is the only source of our income in US for those 4 or 5 years while we are not living in US for those years and not working here.
I would really appreciate your advice if its a good idea to pursue.