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    yonlyme's Avatar
    yonlyme Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 14, 2009, 10:47 PM
    Planning to take a loan in India.can I get any tax beninfits here in USA
    Hi,

    I am on H1 and planning to take a home loan back in India.. would I be able to take any tax benefits here in USA?

    I did the search but the topics did not help me clearly.. would appreciate any info/suggestions/scenarios... thanks in advance!

    :)
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jun 15, 2009, 12:10 AM

    Yes, if the loan is for your main home or second home.
    Also you must meet other requirements:
    You can deduct mortgage interest only if
    *you itemize your deductions
    You must be legally liable for the loan. You In addition, there must be a true debtor-creditor relationship between you and the lender.
    *The mortgage must be a secured debt on a qualified home.

    Secured Debt. Your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt.
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