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I am currently renting an apartment in NYC and intend to buy…

I am currently renting an...
I am currently renting an apartment in NYC and intend to buy a condo in Israel. The interest on the mortgage, is it tax deductible on my 1040 return
thank you
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3/21/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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If you are, you can deduct the Mortgage interest. If not, you cannot.

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Customer reply replied 4 months ago
i am a usa citizen

Yes, you can deduct the mortgage interest. SEE BELOW:

----------------------------

The benefits property owners get from U.S. tax law depend on how the property is used. If you live in the home, for example, you generally can deduct mortgage interest and property taxes. If the property is used for rental income, you can still deduct mortgage interest and property taxes, plus deducting a number of other expenses, including property and liability insurance, repair and maintenance costs, and local and long distance travel expenses related to maintaining the property.

REFERENCE SOURCE:

https://www.investopedia.com/articles/personal-finance/022415/do-you-get-us-tax-deductions-real-estate-abroad.asp

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You can refer to IRS Pub 936 for more information.

Link to Pub 936:

https://www.irs.gov/pub/irs-pdf/p936.pdf

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