2018 Taxes - Which form to declare foreign mortgage
Apr 15th 2019, 12:46 am
#1
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2018 Taxes - Which form to declare foreign mortgage
Hi, if i have a mortgage in the UK, which form do i use to declare ? 8938? or something else? i have completed everything else apart from this section, last minute panic !!
Apr 15th 2019, 12:49 am
#2
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Re: 2018 Taxes - Which form to declare foreign mortgage
If you're in a panic you can file for an extension.
Do you have a UK mortgage? You say 'if'.
Anyway, there's not a special section for a foreign mortgage, just put the interest in the regular section.
Do you live there part year? I think there's a residency requirement. 14 days or something...
Do you have a UK mortgage? You say 'if'.
Anyway, there's not a special section for a foreign mortgage, just put the interest in the regular section.
Do you live there part year? I think there's a residency requirement. 14 days or something...
Last edited by Hotscot; Apr 15th 2019 at 1:06 am.
Apr 15th 2019, 1:06 am
#3
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Re: 2018 Taxes - Which form to declare foreign mortgage
Why does it need to be declared at all? 8938 is for foreign assets, which a mortgage isn't.
Apr 15th 2019, 1:07 am
#4
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Re: 2018 Taxes - Which form to declare foreign mortgage
In some circumstances you can deduct the interest just as you would in the US.
The IRS doesn't care that it's foreign.
The IRS doesn't care that it's foreign.
Apr 15th 2019, 1:08 am
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Re: 2018 Taxes - Which form to declare foreign mortgage
If you're in a panic you can file for an extension.
Do you have a UK mortgage? You say 'if'.
Anyway, there's not a special section for a foreign mortgage, just put the interest in the regular section.
Do you live there part year? I think there's a residency requirement. 14 days or something...
Do you have a UK mortgage? You say 'if'.
Anyway, there's not a special section for a foreign mortgage, just put the interest in the regular section.
Do you live there part year? I think there's a residency requirement. 14 days or something...
I was in USA the whole of 2018
I'm using TurboTax and have entered interest payments already.
Apr 15th 2019, 1:12 am
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Re: 2018 Taxes - Which form to declare foreign mortgage
Nope
Apr 15th 2019, 1:18 am
#10
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Re: 2018 Taxes - Which form to declare foreign mortgage
If you go to the deductions section, where you entered mortgage interest on your US property, you'll see a button to add a lender. If Turbo Tax.
This can be a foreign property with a foreign lender.
It's like having a holiday home not a foreign asset.
However you must have lived in it for 14 days that year I think.
No scratch that...I think that's only if you rent it.
It's sitting empty?
This can be a foreign property with a foreign lender.
It's like having a holiday home not a foreign asset.
No scratch that...I think that's only if you rent it.
It's sitting empty?
Last edited by Hotscot; Apr 15th 2019 at 1:22 am.
Apr 15th 2019, 1:19 am
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Re: 2018 Taxes - Which form to declare foreign mortgage
Apr 15th 2019, 1:23 am
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Re: 2018 Taxes - Which form to declare foreign mortgage
https://www.greenbacktaxservices.com...bar-form-8938/ this also states the same under "Foreign real estate held directly"
Does foreign real estate need to be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
--You would only need to report it if it was held in a corporation, partnership, trust or estate, and in which case you would be reporting that entity not the actual property.Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
As Hotscot mentioned, "you can deduct the interest just as you would in the US." (thanks for that, I hadn't realized that). If you provided the details of the interest payments then it will be included in your itemized deductions (assuming you are doing itemized deductions vs the standard deductions - but TurtoTax will work that out for you)
Apr 15th 2019, 1:26 am
#14
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Re: 2018 Taxes - Which form to declare foreign mortgage
Please note.
The standard deduction has been increased this year.
Turbo Tax may use that to provide the largest deduction, and just ignore your mortgage interest.
If, when entering your mortgage interest the numbers don't move, that's probably the case.
The standard deduction has been increased this year.
Turbo Tax may use that to provide the largest deduction, and just ignore your mortgage interest.
If, when entering your mortgage interest the numbers don't move, that's probably the case.
Apr 15th 2019, 1:31 am
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