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triune3
New Member

Owning a home in Mexico and want to know what i can deduct from my taxes

 
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DS30
New Member

Owning a home in Mexico and want to know what i can deduct from my taxes

You will be able to deduct your home mortgage interest and any property taxes (in USD).

Please note that you will only be able to deduct any foreign property taxes if they are assessed uniformly against all property under the jurisdiction of the taxing authority. So if the property taxes on your Mexican home are similar to the property taxes charges on other Mexican properties in the area, then you will be able to deduct them.

To enter your Property Taxes in TurboTax Online or Desktop (for TurboTax Online sign-in, click Here), please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and Credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Property Taxes and follow the onscreen instructions

To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and Credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Mortgage Interest, Refinancing and Insurance and follow the onscreen instructions. You will need to enter the foreign mortgage lender's name and interest expense (in USD).

It is OK to show your foreign mortgage interest under the 1098 section of Schedule A.. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a foreign bank and provide the IRS with the details of this loan)

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1 Reply
DS30
New Member

Owning a home in Mexico and want to know what i can deduct from my taxes

You will be able to deduct your home mortgage interest and any property taxes (in USD).

Please note that you will only be able to deduct any foreign property taxes if they are assessed uniformly against all property under the jurisdiction of the taxing authority. So if the property taxes on your Mexican home are similar to the property taxes charges on other Mexican properties in the area, then you will be able to deduct them.

To enter your Property Taxes in TurboTax Online or Desktop (for TurboTax Online sign-in, click Here), please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and Credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Property Taxes and follow the onscreen instructions

To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and Credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Mortgage Interest, Refinancing and Insurance and follow the onscreen instructions. You will need to enter the foreign mortgage lender's name and interest expense (in USD).

It is OK to show your foreign mortgage interest under the 1098 section of Schedule A.. If you are contacted by the IRS, you will just need to provide an explanation of your situation (that your mortgage interest is from a foreign bank and provide the IRS with the details of this loan)

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