2018 Taxes - Which form to declare foreign mortgage
Apr 15th 2019, 1:32 am
#16
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Re: 2018 Taxes - Which form to declare foreign mortgage
Found another good article on the IRS site that explains this, assuming you didn't rent it out at all then it looks like you can deduct the interest. The complexity of the 14 day rule relates to both a combination of renting it out some of the time and using it personally some of the time - which does not appear to apply based on what you said.
Apr 15th 2019, 1:33 am
#17
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Re: 2018 Taxes - Which form to declare foreign mortgage
All good points!
Apr 15th 2019, 1:35 am
#18
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Re: 2018 Taxes - Which form to declare foreign mortgage
Found another good article on the IRS site that explains this, assuming you didn't rent it out at all then it looks like you can deduct the interest. The complexity of the 14 day rule relates to both a combination of renting it out some of the time and using it personally some of the time - which does not appear to apply based on what you said.
Apr 15th 2019, 1:35 am
#19
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Re: 2018 Taxes - Which form to declare foreign mortgage
Apr 15th 2019, 1:38 am
#20
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Re: 2018 Taxes - Which form to declare foreign mortgage
You're welcome.
Apr 15th 2019, 1:27 pm
#21
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Re: 2018 Taxes - Which form to declare foreign mortgage
....already covered above ...
Apr 15th 2019, 1:32 pm
#22
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Re: 2018 Taxes - Which form to declare foreign mortgage
When using TurboTax, my experience is that after you have entered all your deductions including mortgage interest it will come up with a screen telling you if it has selected the standard deduction as best for you, but still allows you to ignore this advice and stick with itemized deductions. Just been through this with my son last week.
Apr 15th 2019, 2:06 pm
#23
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Re: 2018 Taxes - Which form to declare foreign mortgage
Yup.
See post 14.
See post 14.
Apr 15th 2019, 2:13 pm
#25
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Re: 2018 Taxes - Which form to declare foreign mortgage
Apr 17th 2019, 7:49 am
#26
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Re: 2018 Taxes - Which form to declare foreign mortgage
While the interest can be deducted, if you repaid any of the capital you will separately want to calculate if there were any US taxable foreign currency gains to report.
