I am planing to buy a property in India by taking a loan. Can I get a tax break on the interest I pay on loan (loan which is taken fron India) while filing my taxes here in US.
2007-01-28 07:15:40 · 3 answers · asked by Chirag D 1 in Business & Finance ➔ Taxes ➔ United States
No
2007-01-28 07:18:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the home is your principal residence or is a second home you can claim a deduction for the mortgage interest. It must otherwise meet the requirements of a mortgage loan, i.e. the property secures the loan, etc. There is no requirement that the home be located in the US or that the loan be from a US financial institution.
2007-01-28 07:56:19 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Their is a tax break for homes however the home must be your primary residance and be inside the US borders
2007-01-28 07:29:47 · answer #3 · answered by Xcalaber69 3 · 0⤊ 0⤋