topic 2 questions when amending foreign house mortgage in Deductions & credits

2 questions when amending foreign house mortgage

xnervwang — Tue, 10 Mar 2026 05:48:49 GMT

I bought a house in my home country and pay mortgage every month. Since it's a foreign bank, they don't provide 1098 form. I get 2 questions when amending my 2021 tax.

1. I think I should use the 2021 average currency exchange rate to convert the foreign money amount to dollars for Box1. But since I got the mortgage in 2018, should I use 2018 or 2021 average currency exchange rate to calculate Box 2?

2. I don't have 1098 so I don't know if I should select yes or no here:

Thanks

Re: 2 questions when amending foreign house mortgage

pk — Mon, 22 Aug 2022 19:35:32 GMT

@xnervwang , I understand your questions but do not understand the situation fully:

(a) I am assuming here that you are US person ( citizen / GreenCard / Resident for tax purposes ) --- when did you arrive here, with what visa and are you still and Alien ( Green Card or Visa) ?

( b) that you have a main residence in the USA ( Rental or own)

(d) this property in China is personal property and is not income property ( yes ? )

(e) you took out a mortgage on the property in 2018 for US$ XXXX ( converted from RMB to US$ at average / actual exchange rate )

1. Thus the remaining mortgage principle should be actual balance converted to US$ using Dec. 2021 exchange rate ( RMB to US$) or the annual average published by the US treasury/IRS not that of 2018

2. even though you are telling the software that you do not have a 1098, just say "yes" to satisfy the software -- it should not be asking that question but "yes" is valid since you are working with the equivalent to 1098 --a bank / lender statement.

Please can you clarify the situation more ( answer my questions above and also why you are having to amend your 2021 return in addition to how are you using the property ? I know in many countries, you take a mortgage and pay while the construction is going one and do not have possession or beneficial possession till after the whole mortgage is paid-off or replaced by a different mortgage ( like the construction mortgage replaced by a regular mortgage in the US ).

Re: 2 questions when amending foreign house mortgage

xnervwang — Mon, 29 Aug 2022 00:50:12 GMT

@pk Thanks for your reply.

Re: 2 questions when amending foreign house mortgage

pk — Tue, 23 Aug 2022 18:01:41 GMT

@xnervwang , thank you very much for clarifying the situation -- now I understand what and why of the situation. Thank you