I'm a U.S. Citizen and I have property outside of the USA. how can I include that on my tax? I own it as an individual and do not rent it out.

[olegario-jay]

I purchased property and have my home being built in the Philippines, but I reside in USA in NYC and I am renting.  How can I include the payments I made to the property in Philippines into my tax

[GeoffreyG]

Interestingly enough, the US tax code makes no substantive distinction between United States based real estate and real estate in a foreign country, when it comes to the question of being able to deduct mortgage interest or property taxes.  In point of fact, the rules for being able to deduct either are the same.  So, what this means for you as a US taxpayer in practical terms is that you can claim deductions for both of these things as Itemized Deductions on your tax return.

In order to proceed mechanically in TurboTax, therefore, just make your entries in the deductions section of the program interview as though your Philippines home were your home in the United States.

Here is a well-written article on this exact topic that you may additionally find interesting:

http://www.taxsamaritan.com/tax-preparation/foreign-mortgage-interest-deduction/

Thank you for asking this important question.