Tax Filing - Foriegn Mortgage Interest Deduction on Foriegn Home

[AggipetteUndha]

https://www.taxsamaritan.com/foreign-mortgage-interest-deduction/amp/

 

Evarkanna idea undha about this? Will it benefit us (h1/opt/l1 batch), on our Foriegn home loans etc?

[Spartan]

@k2s

[kevinUsa]

I too paid my education loand this year can i Claim it ?

[AggipetteUndha]

Upto $2500 Student loan ki tax-deductible undi Ani chusanu, not sure of that either.

[NaChavNenuChasta]

Ltt

[NaChavNenuChasta]

LTT

[Maryadaramanna]

Student loan ki tax deduction ledani tax Accountant cheppadu. I couldn’t claim, you can try.

But India lo home loan interest meeda tax deduction claim cheskovachu. I’ve been doing it since 3 years. Claim only interest not the emi 

[kukka_bathuku]

No payments made to foreign assets or loans are deductible. Unless you can show a transaction showing the payments to a bank here. Because the $ has to be taxed in one way or the other. Please don’t assume that tax deductions are free money given away to you. If you are paying interest, it is a profit for your bank and they pay tax on it. That is the reason interest is deductible. If you have a home in a foreign country, you are probably paying interest to the bank in that country. That bank is not paying tax on that to US. Please understand the tax system before you get hit by an audit. Usually an audit costs a lot more than your actual tax.

[phatposts]

I have been claiming interest on the home loan in india. 
Use the avg conversion number given by IRS and submit the statement from the loan issuer in India. 

Education loan I dont know

[hotmaddy]

16 minutes ago, kukka_bathuku said:

No payments made to foreign assets or loans are deductible. Unless you can show a transaction showing the payments to a bank here. Because the $ has to be taxed in one way or the other. Please don’t assume that tax deductions are free money given away to you. If you are paying interest, it is a profit for your bank and they pay tax on it. That is the reason interest is deductible. If you have a home in a foreign country, you are probably paying interest to the bank in that country. That bank is not paying tax on that to US. Please understand the tax system before you get hit by an audit. Usually an audit costs a lot more than your actual tax.

Hmm. I have asked Turbo Tax multiple times to get multiple opinions. They all said you can claim. And I also asked that I don't have document like 1099(just making this # up) that bank gives you. Turbo Tax said IRS know how much you send everything to foreign accounts.

Lets wait for more replies.

[Jalsarayudu9]

Yes, just interest meeda claim cheyyochu but i didnt do last year because standard deduction key ekkuva vastundi.

[AggipetteUndha]

@all Thanks for the info!