topic I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust? in After you file

I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

kanapalas — Sat, 01 Jun 2019 18:14:56 GMT

In the section "Tell Us About Any Foreign Trusts", should the answer to "I received a distribution or a loan from a foreign trust" be 'Yes' in this scenario?

this is not a foreign trust -- it is foreign bank. Your s...

pk — Sat, 01 Jun 2019 18:14:57 GMT

this is not a foreign trust -- it is foreign bank.

Your second home in India , the mortgage interest payment ( EMI ) is eligible for deduction just as if ( or in addition to ) the home was in the USA. Ditto for any property taxes

Are you a citizen/resident( Green Card ) / resident for tax purposes?

Thank you that clarifies. Am a temporary resident on a wo...

kanapalas — Sat, 01 Jun 2019 18:14:59 GMT

Thank you that clarifies. Am a temporary resident on a work permit visa.

A resident for tax purposes is treated the same as a Gree...

pk — Sat, 01 Jun 2019 18:15:00 GMT

A resident for tax purposes is treated the same as a Green Card holder except for a few credits etc. for which one must be a citizen. Note that if you rent out your home in India, you must declare the income/ expenses on schedule-E and the depreciation is over 39.5 years ( like commercial property in the USA ). Good Luck on your stay
Namaste