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    nittanypippy's Avatar
    nittanypippy Posts: 1, Reputation: 1
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    #1

    Dec 12, 2009, 04:00 AM
    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?
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
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    #2

    Dec 12, 2009, 07:03 PM

    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Dec 15, 2009, 12:00 PM
    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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