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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.
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