Yes, you can deduct mortgage interest for a home you own in India. You may also enter property taxes paid with the loan.
To enter both mortgages and property taxes in your Turbo Tax return:
- Click Federal Taxes
- Click Deductions & Credits
- Click Your Home > Mortgage Interest, Refinancing, and Insurance > Start
- This will assume that you have a 1098. if you don't have one, it's ok. You can still enter information without it.
You would enter both homes in this section individually. In entering your primary residence first, there will be a section where you will indicate this is your primary home. Then there will be a page where you will list the mortgage interest paid in Box 1, outstanding mortgage outstanding in Box 2, mortgage origination date in Box 3, and property taxes between Box 5 and Box 7.
After entering this information and completing the section, there will be a Home Loan Deduction Summary page where the information from the primary loan is entered. Now select add a lender to enter your foreign home information. Make sure to record this entry as a second home and then finish out the section
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