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    Sheedeals's Avatar
    Sheedeals Posts: 6, Reputation: 0
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    #1

    Jul 20, 2012, 08:38 AM
    Can interest on loan claimed for tax both in foreign as well as home land
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 20, 2012, 08:43 AM
    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.
    Sheedeals's Avatar
    Sheedeals Posts: 6, Reputation: 0
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    #3

    Jul 21, 2012, 12:49 AM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jul 21, 2012, 07:42 AM
    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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