Selling of in investment property in Riverview, Florida, USA

[PRABXYZ]

Dear Sir/Madam

I came to US in F1 student visa in 2001. I completed my M.S and secured by H1B visa and worked in US till July 2009 before I relocated to India for good in August 2009 .

I had a bought an investment property in Rivewview, Florida in Feb 2008 along with my brother in law as co-borrower (who is currently residing and working in US on H1B). The house has depriciated in value and I have decided to sell off the property after holding on to it for the past 6 years with no signs of breaking even on what I had invested.

Ever since I relocated to India in 2009,  I have been filing US taxes every year just for the investment property I have in Riverview Florida and show this in my India tax return as well every year.


This property is maintained in my and my brother in law's name who is living in Florida. I would like to give a power of attorney to him for him to sell the property on my behalf.

Please advise on the following while I am trying to sell off the propery.
1. Can you please share the Power of Attorney letter format ?

2. Can I get the signature from Notary Public in India and send it across to my brother in law in US? Would that be acceptable in US if a Power of Attorney is signed in India since I reside here.

3. I would need to use my SSN to complete the closing formalities right? No seperate tax identification number needed right? I can quote my current SSN right since SSN is associated with me for life or should I be applying for a seperate tax identification number with IRS?

4. I would not be in a position to come to US to sell off the property, please advise on steps to take from my side for closing of the bank loan , selling of property and if there is
    anything left would like to be transferred to my bank account. Would just a POA in my brother in law's name suffice to complete all of these formalities?

5. I do not want to have any tax angle not covered or something when trying to sell off the property please. As I have mentioned I am making a loss on this property.
6. Since I would be making losses, would there be any taxes due or can I have the outgo deposited in my US bank account and later have it transferred to my India bank account without attracting any taxes? Please advise.


Regards

PRABXYZ

[omshiv]

I think this is something you need to sit with a Tax professional and an Immigration Attorney.

 

But hey..its always good info.

[t75]

POA for sales of real estate is different from normal POA in most states. Have your BIL contact a real estate law specialist for you in the location of the property for assistance with the entire transaction. In fact, consider having the attorney represent you even at the closing and have him read all contracts prepared by the real estate agent.