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My question is: US-specific
QUESTION: Hi,
I am an Indian citizen on a H1B Visa. I live in an apartment in the US and am planning to buy a house in India which shall be used as a vacation house(living 14 days or more) till I am in the US and later on as my primary residence when I return for good. Can I get any tax benefits on the Mortgage I shall be paying for that house ?
Thanks in advance,
Sandy
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david ingram replies:
Yes - Any property taxes and mortgage interest can be deducted as itemized deductions on Schedule A of your 1040 tax return.
Of course, I am assuming that the house is empty or occupied rent free by a family member. If the intention is to rent it out, then the interest and taxes are still deductible but you would put them on a Schedule E along with the rent received.
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