Does one achieve levy exemption for a mortgage on a home owned in a foreign country?
Hi,I am a "resident alien". My home country is India.
Do I get an exemption or levy credit for the mortgage I pay on my home surrounded by India? Indian tax law gave me an exemption. US levy laws do so if I have a home here. But its not clear whether I can get an exemption if the home is surrounded by India.
Thanks
Ankush
Answers: You may include the interest you paid on Form Schedule A, Itemized deduction.
The mortgage interest is deductible if it is secured by your main home, or your second home. It must be a mortgage within your name. Only the interest rewarded is deductible. There is no requirement that the home must be in the USA.
If you do not own a home contained by the US, then here is no mortgage interest on your main home. Your second home would be surrounded by India, and your mortgage interest is deductible.
If your home in India, is rented to others, after you need to follow other rules. It is considered business property if you are renting it to others while you live here surrounded by the US.
The real estate taxes that you salaried are generally also deductible on Schedule A
Be sure to see if you qualify for the Foreign Tax Credit
http://www.irs.gov/taxtopics/tc856.html
Good luck
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