QUESTION:
I'm French, US resident. I have been living in California for 7 years and
plan to stay there. I want to buy a House in France but I don't know the
rules (beeing a US Resident)! Can I deduct the Mortgage interest of my
income tax even if I have my mortgage in France in a French Bank? Thank you
-----------------
david ingram replies:
Interesting, My first client this morning was an Australian Green card
holder and his American Wife who had just sold a house in France.
You can certainly buy a house in France, Japan, Germany, Brazil, Peru,
Canada or any other country as a seasonal residence and deduct the mortgage
interest AND property taxes as a deduction on Schedule A of your US tax
return.
Don't forget to borrow the down payment as well (US residents only at this
point) because the down payment interest is also deductible on your US 1040.
Since you have been in the US long enough, get your US citizenship now as
well.
There is an excellent guide at
http://uscis.gov/graphics/services/natz/guide.htm
You can find more information and the Application form N400 at:
http://uscis.gov/graphics/formsfee/forms/n-400.htm
----------------------------------
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