- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
You are correct that the property is not "rental property". But since the property is lived in by family members and is "not held out for rent or resale", then per IRS Publication 936 (page 4) you may regard it as a "qualified home" for purposes of the mortgage interest deduction.
https://www.irs.gov/pub/irs-pdf/p936.pdf
Unfortunately, per the Tax Cuts and Jobs Act of 2017, foreign property taxes are no longer deductible.
Bottom line: there is nothing to enter on your tax return unless you are able to itemize deductions and to deduct mortgage interest.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎January 8, 2024
7:58 AM