I have taken a home loan in India. Am I eligible for tax deductions in USA for home loan taken in India?

I have taken a home loan in India. Am I eligible for tax deductions in USA for home loan taken in India? I have a home loan in India, and I send my EMI every month to India.Am I eligible for tax deductions for home loan in USA?

Asked by Parik 57 months ago Similar questions: home loan India eligible tax deductions USA Business > Taxes.

Similar questions: home loan India eligible tax deductions USA.

If the lien holder sends you a IRS form 1098, then you are eligible for a tax deduction. Question: I have taken a home loan in India. Am I eligible for tax deductions in USA for home loan taken in India?

I have a home loan in India, and I send my EMI every month to India. Am I eligible for tax deductions for home loan in USA? Answer: If the lien holder sends you a IRS form 1098, then you are eligible for a tax deduction.

First and foremost, I would strongly suggest that you consult a tax professional. Whether or not the lender is from India might not matter. There are plenty of non-US based corporations who offer home loans to borrowers in the United States (huge banks like HSBC aren't headquartered in the US, for instance).

In the majority of these situations, the lender will issue an IRS form 1098 which shows the amount of interest paid for a given tax year. The lender will send a copy of this form to the IRS and also declare the amount of mortgage interest as income on a tax return (this can be a 1040 or some business / corporate return depending on who the lender is). As the borrower, you are legally entitled to deduct the interest through itemization on your 1040 return.

The tax deduction will on form 1098 which is given to you from the lender. In the event that you haven't received a 1098 from your lender, you might want to ask them. They should be able to tell you if you are eligible for this common deduction.

There are circumstances involving foreign corporations lending money to US borrowers where they won't issue a 1098 because it can get very complicated for the lender. There is more information here:http://www.irs.gov/pub/irs-pdf/f1098.pdfI hope this helps and good luck. Sources: My opinion .

" "if I own real estate under an LLC, do I get the same tax deductions on my yearly taxes" "if I own real estate under an LLC, do I get the same tax deductions on my yearly taxes.

Tax advice, I guess, I am married, no kids and the only worker in the home, I also am the only name on the mortgage loan.

Tell me what you think of this,No tax shelters,loop holes,deductions,nothing,no RRSP's,or 401K's..

If I own real estate under an LLC, do I get the same tax deductions on my yearly taxes.

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