Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I have taken a home loan in India. Am I eligible for tax deductions in USA for home loan taken in India?

0
Posted

I have taken a home loan in India. Am I eligible for tax deductions in USA for home loan taken in India?

0

Question: I have taken a home loan in India. Am I eligible for tax deductions in USA for home loan taken in India? I have a home loan in India, and I send my EMI every month to India. Am I eligible for tax deductions for home loan in USA? Answer: If the lien holder sends you a IRS form 1098, then you are eligible for a tax deduction. First and foremost, I would strongly suggest that you consult a tax professional. Whether or not the lender is from India might not matter. There are plenty of non-US based corporations who offer home loans to borrowers in the United States (huge banks like HSBC aren’t headquartered in the US, for instance). In the majority of these situations, the lender will issue an IRS form 1098 which shows the amount of interest paid for a given tax year. The lender will send a copy of this form to the IRS and also declare the amount of mortgage interest as income on a tax return (this can be a 1040 or some business / corporate return depending on who the lender is).

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.