Hi,
I have paid interests from a foreign mortgage for which I don't receive a 1098 since it is from a foreign bank.
How do I report the interests in TurboTax for 2022 tax return?
I saw in similar questions from previous year, you could indicte that you did not received a 1098. with the latest TurboTax for 2022 tax return, I cannot find that option.
How do you then report these interests?
Thanks
SpartacoLink
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Begin by entering the information as though you received the 1098:
Save your proof of interest paid for at least 6 years after filing, along with your other important tax papers, in case of audit.
Hi Patti
thanks a lot.
Do I have to include any document related to these foreign mortgage interests with my tax return?
Thanks
Luca
No. You do not include any mortgage documents with your tax return. As awesome Tax Expert @PattiF said, “save your proof of interest paid for at least 6 years after filing, along with your other important tax papers, in case of audit.”
Hi
I followed the indications from Patti but turbotax now asks me for either the SSN or the federal ID, which the foreign bank does not have. also, ther eseems to be no way to indicate that the bank if outside the US.
So, I am stuck at the page where I enter the foreign bank address and cannot proceed.
Is there another workable way to enter the foreign mortgage interest with no 1098?
Luca
You can deduct the mortgage on your main home or one second home if the debt is secured by the home. Follow these steps:
At no point do you need SSN or federal ID. When you return to the summary screen, it will show your bank and the interest.
Reference:
About Publication 936, Home Mortgage Interest Deduction
Yearly Average Currency Exchange Rates - IRS
"On the following screen, choose The seller is financing this loan and we didn't receive a 1098"
when filling in this form, there is no option for banks outside of the US so will not allow finishing
It depends. Unless this is financed by a private-seller (other than a bank), choose none of the above rather than The seller is financing this loan and we didn't receive a 1098. A 1098 is not necessary to claim mortgage interest and you are entitled to claim the interest regardless where your residence is located.
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