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What documents can I use to file a deduction for the mortgage under a foreign asset?

 
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AmyC
Expert Alumni

What documents can I use to file a deduction for the mortgage under a foreign asset?

Whatever documentation you receive related to the mortgage should be converted to USD and entered. Since other countries don't have a form 1098 like the US, you can use whatever is standard in your area or whatever system of proof you have. If you are audited, you just want to be able to show a reasonable path of where the numbers came from. If you are itemizing deductions, the mortgages on your primary and secondary home are deductible. If it is a rental, it would go on Sch E to deduct the mortgage from the rental income.

 

To enter in itemized deductions:

  1. Open your return
  2. Go to federal deductions and credits
  3. Select Mortgage interest, start
  4. Pay loans? Select yes
  5. Mortgage lender? enter name
  6. Kind of property? Make selection, continue
  7. Any of these situations? select none of these apply, continue
  8. Enter mortgage interest, any property tax, and other mortgage information, continue
  9. Secured by property? Select yes, continue
  10. continue through answering questions

For entering on Sch E, see here

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