My Indian Bank provided the Interest Tax Certificate for Indian Tax Year Apr 2018 - Mar 2019. How can I report the Interest Paid on Foreign Loan based on the Calendar year for US returns? I can think of Two options:
1. Option 1 - Deduct the int paid for Apr 18 - Mar 19 on US Tax return for 2018. Next year deduct the int paid for Apr 19 - Mar 20 on US tax return for 2019. and so on..
2. Option 2 - Take the average of monthly Interest paid (X) in tax year Apr 17-Mar 18 and multiple by 3. Take average of Interest paid (Y) in tax year Apr 18 - Mar 19 and multiple by 9 and add both amounts (X+Y).
