Foreign Mortgage Interest Deduction

jai579 · ‎June 5, 2019

The foreign lender (Bank) didn't issue an 1098. I took the interest component from the bank statement and the exchange rate on the day the installment was paid based on the exchange rate at
http://finance.yahoo.com/currency-converter/#from=USD;to=INR;amt=1.

Is this the right thing to do?

jtax · ‎June 5, 2019

This is the description on the IRS for how to convert any foreign currency amount to a USD amount for US taxes. Basically you can indeed use the exchange rate for the date of the transaction or if there are many transactions you can use an yearly average exchange rate that you can find at this link.

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"