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thanks for the answer. One more, I own a home in the US will

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I be able to deduct...
thanks for the answer. One more, I own a home in the US will I be able to deduct the mortgage interest?
Submitted: 4 years ago.Category: Tax
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Answered in 4 hours by:
3/1/2013
Tax Professional: Dave CPA, Accountant replied 4 years ago
Dave CPA
Dave CPA, Accountant
Category: Tax
Satisfied Customers: 840
Experience: Vast knowledge within the accounting/tax industry
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Hello,

Yes, You can deduct mortgage interest off of your US taxes. I would assume that this is not your primary but second home. I read your other question, and I believe that you live outside of the US.

The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible.

Second home. A second home is a home that you choose to treat as your second home.

Second home not rented out. If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year.

Second home rented out. If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home.

Please let me know if you need any clarification on my answer before you rate it. A positive rating is what I strive for. Regards Dave
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