I have a client who owns a house in India. He was to take the interest of that house off his tax return. My first question can he do this? My second question where on the tax return would I put it? If any one can help me, please
This man lives in the US. He wants me to amend his 2014,2015,2016 and add it. I would believe that it would go under foreign accounts and interest?
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Tax Professional Answers
Manasa Nadig
Yes, your client can take the interest paid on the home loan on his house in India as a deduction on his US taxes. This would go on Schedule A. If this is an investment property than the interest would go on Schedule A as investment expense.
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386 weeks ago