One other thing on the mortgage interest, property taxes and property insurance. If the loan and/or insurance was obtained through a foreign entity, they probably will not be sending you a 1098-Mortgage Interest Statement at fax filing time each year. So make sure you maintain documentation that can "prove" in a court of law, the amounts you will be claiming that you paid.
For the mortgage, something like the monthly billing statement that breaks down the principle and interest payments should suffice. For the property insurance, a copy of the bill from the insurance company should suffice. For any property taxes (and any other taxes assessed by a foreign taxing authrority) a copy of the tax billing statement should suffice. The IRS suggest you keep all of these documents on file for at least three years. But I recommend you keep them for the entire time you own the property, and an additional 3 years after you sell or otherwise dispose of the property in the future.
