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jai579
New Member

Foreign Mortgage Interest Deduction

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?
1 Reply
jtax
Level 9

Foreign Mortgage Interest Deduction

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

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