Friday, March 26, 2010

Vicks cold medicine

Was bit by cold from yesterday and just bought "Vicks Nyquil" and did some work on what it is and how is it different from other similar products.


Nyquil Flu and cold liquid caps ingredients are
  • Acetaminophen - 325mg (Pain reliever/Fever reducer)
  • Dextromethorphan Hbr 15mg (Cough suppressant)
  • Doxylamine 6.25mg (Antihistamine)
  • Inactive ingreditents: D&C Yellow No. 10, FD&C Blue No. 1, gelatin, glycerin, polyethylene glycol, providone, propylene glycol, purified water, sorbital special, titanium dioxide.
Nyquil sinus liquid caps ingredients
  • Acetaminophen - 325mg (Pain reliever/Fever reducer)
  • Doxylamine Succinate - 6.25mg (Antihistamine)
  • Phenylephrine HCI - 5mg (Nasala decongestant)
  • Inactive ingredients: FD&C Blue No. 1, gelatin, glycerin, polyethylene glycol, providone, propylene glycol, purifiled water, sorbital special, titanium dioxide.
Nyquil Flu and cold relief liquid ingredients
  • Acetaminophen - 500mg (Pain reliever/Fever reducer)
  • Dextromethorphan Hbr - 15mg (Cough suppressant)
  • Doxylamine Succiante - 6.25 mg (Antihistamine)
  • Inactive ingredients: acesulfame potassium, alchohol, citric acid, D&C Yellow No. 10, FD&C Green No. 3, FD&C Yellow No. 6, flavour, high fructose corn syrup, polyethylen glycol, propylene glycol, purified water, saccharin sodium, sodium citrate,

Vicks dayquil flu and cold liquid caps ingredients are below.
  • Acetaminophen - 325mg (Pain reliever/Fever reducer)
  • Dextromethorphan Hbr - 15mg (Cough suppressant)
  • Phenylephrine - 15mg (Nasal decongestant)
  • Inactive ingredients: FD&C Yellow No. 6, FD&C Red No. 40, gelatin, glycerin, polyethylene glycol, providone, propylene glycol, purified water, sorbital special, titanium dioxide etc.
Vicks dayquil sinus liquid caps ingredients are below.
  • Acetaminophen - 325mg (Pain reliever/Fever reducer)
  • Phenylephrine HCI 5mg (Nasal decongestant)
  • Inactive ingredients: FD&C Yellow No. 6, gelatin, glycerin, polyethlyne glycol, providone, propylene glycol, purified water, sorbital special, titanium dioxide etc.
Acetaminophen (APAP or also called paracetamol) is common pain reliever in cough, cold, fever and sleep aid products. Liver stays right near the stomach and breaks down the toxics and chemicals entering body. Taking too much drug (more than 4000mg) a day loads liver and causes damage.

Dextromethorphan(DXM) is cough suppressant. As FDA approved it as cough suppressant in 1958, it replaced older drug codeine phosphate. Over dosage causes brain damage, seizure, loss of consciousness and heart beat irregularities.

Doxylamine is antihistamine used in night time cold medicines. It causes dizziness and lightheartedness. It is not advised to use during day because it impairs to work on machines or drive a vehicle.

Phenylephrine is nasal decongestant that shrinks blood vessels in nasal passages, as dilated blood vessels cause nasal congestion or stuffy nose. It may interact with blood pressure and diabetes medications and antidepressants.

Saturday, February 6, 2010

Buying home in India and its tax consequences

I got the following response from IRS regarding my question on buying home in other country and taking loan from a nonlocal bank that does not issue form 1098. I am placing it here thinking that might be helpful for others.

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NOTE: Thank you for your inquiry. Our response to your tax law question appears below. I hope this information has been helpful. If you have a follow-up question or another general tax law question, please return to our web site at: www.irs.gov.

Please do not use your "reply" button to respond to this message. More helpful information is provided at the end of this message.


Your Question Was:
Hi, I bought a home in India on a loan from Indian bank. I did not get 1098 form from them. I am a resident alien. Can I claim interest on loan that I paid them as interest under interest tax deduction with out getting 1098 form?


The Answer To Your Question Is:
Thank you for your recent inquiry.

Regarding your question on mortgage interest deduction, according to Publication 936 (Home Mortgage Interest Deduction) generally, home mortgage interest is any interest you pay on a loan secured by your (home main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan.

You can deduct home mortgage interest if all following conditions are met. 1.) You file Form 1040 (U.S. Individual Tax Return) and itemize deductions on Schedule A (Form 1040). 2.) You are legally liable for the loan. 3.) There is a true debtor-creditor relationship between you and the lender. 4.) The mortgage is a secured debt on a qualified home in which you have an ownership interest. You should take the deduction on line 10 or line 11 of (such year) Schedule A (Form 1040.) Line 11 is used when the home mortgage interest amount is not reported on a Form 1098. Please see the instructions for more information.

For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible.

Main home: You can have only one main home at any one time. This is the home where you ordinarily live most of the time.
Second home: A second home is a home that you choose to treat as your second home.
Second home not rented out: If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year. For more information see Publication 936 and Schedule A, (Form 1040) Itemized Deductions, and Instructions.

If you have any more questions on this topic please contact customer service at this number: (215-516-2000) between the hours of 6:00AM- 11:00PM (EST) Monday- Friday. Please be advised this is not a toll free number. Also, you could find and download information, including forms, instructions and publications, on our website: www.irs.gov

Thank you for using this service.


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