Interestingly enough, the US tax code makes no substantive distinction between United States based real estate and real estate in a foreign country, when it comes to the question of being able to deduct mortgage interest or property taxes. In point of fact, the rules for being able to deduct either are the same.
Therefore, in order to proceed mechanically in TurboTax, just make your entries in the deductions section as though the Indian home were your home in the United States.
You will enter your qualified foreign mortgage interest as if you had a Form 1098.
You can take both qualified foreign mortgage interest paid and foreign real estate taxes paid as an itemized deduction on your tax return. Deductible real estate taxes are generally any state, local, or foreign taxes on real property imposed by local government in a uniform manner.
To enter your mortgage interest in TurboTax Online or Desktop, please follow these steps:
To enter real estate taxes paid:
Interestingly enough, the US tax code makes no substantive distinction between United States based real estate and real estate in a foreign country, when it comes to the question of being able to deduct mortgage interest or property taxes. In point of fact, the rules for being able to deduct either are the same.
Therefore, in order to proceed mechanically in TurboTax, just make your entries in the deductions section as though the Indian home were your home in the United States.
You will enter your qualified foreign mortgage interest as if you had a Form 1098.
You can take both qualified foreign mortgage interest paid and foreign real estate taxes paid as an itemized deduction on your tax return. Deductible real estate taxes are generally any state, local, or foreign taxes on real property imposed by local government in a uniform manner.
To enter your mortgage interest in TurboTax Online or Desktop, please follow these steps:
To enter real estate taxes paid: