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kanapalas
New Member

I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

In the section "Tell Us About Any Foreign Trusts", should the answer to "I received a distribution or a loan from a foreign trust" be 'Yes' in this scenario?

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pk
Level 12
Level 12

I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

this is not a foreign trust -- it is foreign bank.

Your second home in India , the mortgage interest payment ( EMI ) is eligible for deduction just as if ( or in addition to ) the home was in the USA.  Ditto for any property taxes 

Are you a citizen/resident( Green Card ) / resident for tax purposes?

View solution in original post

3 Replies
pk
Level 12
Level 12

I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

this is not a foreign trust -- it is foreign bank.

Your second home in India , the mortgage interest payment ( EMI ) is eligible for deduction just as if ( or in addition to ) the home was in the USA.  Ditto for any property taxes 

Are you a citizen/resident( Green Card ) / resident for tax purposes?

View solution in original post

kanapalas
New Member

I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

Thank you that clarifies. Am a temporary resident on a work permit visa.
pk
Level 12
Level 12

I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

A resident for tax purposes is treated the same as a Green Card holder except for a few credits etc. for which one must be a citizen.  Note that if you rent out your home in India, you must declare the income/ expenses on schedule-E and the depreciation is over 39.5 years ( like commercial property in the USA ). Good Luck on your stay
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