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roys0001
Feb 14, 2011, 04:34 PM
Hi,

I am in US in L1 Blanket. I have a home loan in India and some mutual funds.
Is it possible to get Tax deduction in US for above investments? If so, could you please let me know the process.

Thanks,
Soum

AtlantaTaxExpert
Mar 8, 2011, 01:49 PM
No deduction is available for the mutual funds.

The mortgage interest on the home MAY be deductible if the payment is high enough to exceed the standard deduction.