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-   -   Mortgage interest deduction trust (https://www.askmehelpdesk.com/showthread.php?t=424331)

  • Dec 12, 2009, 04:00 AM
    nittanypippy
    Mortgage interest deduction trust
    We are American citizens living overseas. We want to purchase a property in a foreign country (it would be our primary residence). However, we would be required to purchase it through a limited liability company (due to local restrictions upon foreign owners). Would we still be able to qualify for the mortgage interest deduction onour taxes for our primary residence?
  • Dec 12, 2009, 07:03 PM
    IntlTax

    The title to your post mentions a trust. However the post itself refers to a limited liability company. It is unclear which type of entity you are referring to. The U.S. tax implications can be quite different for trusts than for foreign limited liability companies.
  • Dec 15, 2009, 12:00 PM
    AtlantaTaxExpert
    Agreed. In my opinion, you should consult with a knowledgeable international tax person face-to-face before making the purchase to ensure all aspects of your tax situation is properly considered.

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