@nsoni7 wrote:
Hi @RobertG
I have a related question on deducting home loan interest for the home owned in India.
I am on H1B visa, working in US and plan to take home loan in India for the home owned by me and my brother.
If the home is jointly owned by both of us and also the home loan is sanctioned under our both names, but if I alone pay the entire (100%) of interest on the loan amount, can I alone claim (100%) of the interest payment towards my US tax deductions?
Thanks!
For US tax law, you must be (a) an owner of the home and (b) a legally obligated borrower. Further, the loan must (c) be secured by the property so that you can be foreclosed if you stop making payments. (You can't deduct a loan as a mortgage if it is a personal loan or credit card loan that is not secured by the property.)
If you meet those requirements, then you can deduct the amount of interest that you actually paid. If you pay all the mortgage, you can deduct all the interest.
