Just wondering if the provisional interest certificate that the INDIAN financial institution provided is valid when a file tax return here? Or is there a specific document I have to provide apart from the certificates provided? Does the online TurboTax allow to take care of this scenario? Please let me know.
Yes, you can take an interest deduction for a foreign mortgage if the property is either your primary residence or a secondary residence. Just remember to report the interest portion only and in USD. Enter the information as though you received a Form 1098.
To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:
It is OK to show your foreign mortgage interest under the 1098 section of Schedule A. Just be aware that if the IRS tries to match up your information with what the IRS has collected from the bank and there is no Form 1098, it may cause the IRS to question this interest deduction. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a foreign bank and provide the IRS with the details of this loan)
Yes, you can take an interest deduction for a foreign mortgage if the property is either your primary residence or a secondary residence. Just remember to report the interest portion only and in USD. Enter the information as though you received a Form 1098.
To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:
It is OK to show your foreign mortgage interest under the 1098 section of Schedule A. Just be aware that if the IRS tries to match up your information with what the IRS has collected from the bank and there is no Form 1098, it may cause the IRS to question this interest deduction. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a foreign bank and provide the IRS with the details of this loan)