Foreign Mortgage Interest

[mrsartis 10]

Do you guys have properties abroad? If so, how did you add them to your deductions as to mortgage interests? since 1098 are no available?

 

Thanks

[SalishSea 17,829]

Mortgage interest on foreign properties is tax deductible for US federal taxes?

[Wuozopo 4,293]

1 hour ago, mrsartis said:

Do you guys have properties abroad? If so, how did you add them to your deductions as to mortgage interests? since 1098 are no available?

 

Thanks

There’s an IRS Publication all about mortgage interest you need to study. It addresses not having a form 1098.

Publication 936 https://www.irs.gov/pub/irs-pdf/p936.pdf

 

The standard deduction is $24,400 now so unless you can come up with more than that in deductions on Schedule A, you will want to take the standard deduction. Since 2018 tax year, itemizing deductions is almost a thing of the past. 

[mrsartis 10]

11 minutes ago, Wuozopo said:

There’s an IRS Publication all about mortgage interest you need to study. It addresses not having a form 1098.

Publication 936 https://www.irs.gov/pub/irs-pdf/p936.pdf

 

The standard deduction is $24,400 now so unless you can come up with more than that in deductions on Schedule A, you will want to take the standard deduction. Since 2018 tax year, itemizing deductions is almost a thing of the past. 

yea definitely  more deductions, couple kids and and our primary home coming up aroung 35k so yes it is better to itemized. thank you though 😃