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2018 Taxes - Which form to declare foreign mortgage

2018 Taxes - Which form to declare foreign mortgage

Old Apr 15th 2019, 1:32 am
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

Originally Posted by Hotscot View Post
If any family are living in it there could be issues...
Originally Posted by UKtoCT View Post
you've got my attention..
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.

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Old Apr 15th 2019, 1:33 am
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

All good points!
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Old Apr 15th 2019, 1:35 am
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

Originally Posted by Mercury39 View Post
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.
Thank you for this article; agreed it's not applicable to me
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Old Apr 15th 2019, 1:35 am
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

Originally Posted by Hotscot View Post
All good points!
Thanks, and thanks for the prompt on deducting foreign mortgage on a primary/secondary home - that was a new one on me as I have only dealt with foreign properties that are rented, I learned something today ;-)
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Old Apr 15th 2019, 1:38 am
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

You're welcome.
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Old Apr 15th 2019, 1:27 pm
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

....already covered above ...
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Old Apr 15th 2019, 1:32 pm
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Default 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.
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Old Apr 15th 2019, 2:06 pm
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

Yup.
See post 14.
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Old Apr 15th 2019, 2:12 pm
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

Originally Posted by Hotscot View Post
Yup.
See post 14.
Saw that, I just wanted the OP to be clear that TT makes it abundantly clear what is going on.
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Old Apr 15th 2019, 2:13 pm
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Default Re: 2018 Taxes - Which form to declare foreign mortgage

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Old Apr 17th 2019, 7:49 am
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Default 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.
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