I hv a property in India on which I have an emi going on. If I claim the interest on loan while filing tax in Forign land US can I claim this deduction in homeland too?
I hv a property in India on which I have an emi going on. If I claim the interest on loan while filing tax in Forign land US can I claim this deduction in homeland too?
You have not provided enough information about the property to determine if you can claim the interest on the loan as a tax deduction.
Is the property a RENTAL property? Is it a building, apartment complex, single-family home?
Are you filing as a RESIDENT of the United States or as a non-resident?
Further, this forum deals exclusively with U.S. taxes and cannot comment on any foreign tax issues.
This property is an apartment. I am paying emi. I'm alien resident and file tax return here n have included the interest on loan here in US. Is it right what I am doing?
If the apartment is a rental property, you report the rental income and the interest paid (as a deduction) on Schedule E.
If the apartment is a personal home (either primary or secondary), then the deduction can be made on Schedule A. However, to count, the itemized deductions must exceed the standard deduction, which is $5,900 if you are single and $11,800 if you are filing a joint return.
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