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Jim Revels
Jim Revels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 210
Experience:  Providing income tax / planning services for over 16 years on all entity and individual tax issues
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whether I can claim mortage deduction on house outside US

Customer Question

whether I can claim mortage deduction on house outside US
Submitted: 8 years ago.
Category: Tax
Expert:  Jim Revels replied 8 years ago.

Thank you for choosing Just Answer.....


To the extent this home is a second home and not a third or more that you are claiming a mortgage deduction for and the aggregate amount of the loan does not exceed $1,000,000 on your primary home and this second home the interest is permitted to be taken as a schedule a deduction. You may also have a home equite loan up to $100,000 and take that interest to as a deduction.


Kindest regards,

Customer: replied 8 years ago.

Not sure I understand your answer.

I live here in US and rent a home in US. I have a mortagage in India. Can I claim the interest paid on that mortage against my US income. What kind of documentation is required for claiming the deduction. I do not have a Form 1098

Expert:  Jim Revels replied 8 years ago.
Yes you can take the interest as a deduction on a mortgage in India. YOu do not have to have a form 1098 to take the deduction. You just have to be aware of the limits I mentioned earlier.
Customer: replied 8 years ago.
Can I take a deduction even if the building is under construction ? The home I mentioned is a condo and the entire complex is under construction. The developer of the complex has yet to handover possession of the condos.
Expert:  Jim Revels replied 8 years ago.
As long as you meet the criteria that I mentioned in my first answer you can deduct the interest.