Q. For an American Citizen residing in the USA/and or India, who has partial ownership of an Indian Company based out of and run out of India, is he entitled to all the attached tax breaks in the USA? For example, can he deduct all the money he is investing in the company and take deductions for unreimbursed business expenses such as business meals, travel, and office supplies as well as a home office in the USA?
Answer: Yes, all expenses are deductible for an American Citizen that owns a business even if the business is in another country. This is mostly because Americans are taxed on global income, no matter where they are in the world, so the deductions are global too.
From Your Tax Expert @ InvestmentYogi