Home buyer - abroad


S

ss

We have bought a home outside US but taken the mortgage
here. Can I ask for tax deduction? What are the things
that we need to know while filing taxes?

Thanks
 
Last edited by a moderator:
Ad

Advertisements

L

L K Williams

ss said:
We have bought a home outside US but taken the mortgage
here. Can I ask for tax deduction? What are the things
that we need to know while filing taxes?
If the home meets the requirements for either your principal
residence or a second home, the appropriate rules for
deducting the mortgage interest apply. If, when you sell
the home, you have used the home as your principal residence
and meet the 2 out of 5 rules, you may claim the $250,000
($500,000 on a joint return) exclusion for any gain.

There is nothing in the rules for either mortgage interest
deduction or the gain exclusion that requires the property
to be in the US.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
 
Last edited by a moderator:

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top