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Posted by Ira Smilovitz on July 1, 2007, 6:06 pm
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>> I have bought a house in India on Loan and paying 11% tax
>> on it. Can I claim any tax benefit as I am repaying the
>> loan from my monthly salary here.
>>
>> It will be nice if someone suggest me.
> Interest and property taxes are deductible whether or not
> the property is in the US. Where to deduct on your return
> depends upon the use of the property. If you are living and
> working in the US, it seems unlikely the house is your
> primary residence but, if members of your family live there,
> it could be treated as such. Unless, of course, you have a
> principal residence in the US.
You can deduct the mortgage interest on up to two properties
on Schedule A. The house in India does not have to be the
primary residence.
Ira Smilovitz
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