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#9
12-19-2005, 12:19 PM
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 Re: Mortgage interest in Belgium If the mortgage is denominated in Euros, then repayments on the mortgage will trigger foreign exchange gains or losses. Gains in excess of $200 will be taxable as capital gains. Losses will be disallowed as personal losses. Generally, this rule is particularly important when you refinance the mortgage or when you sell and pay off the mortgage (both transactions triggering all of the potential foreign exchange gain/loss). << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#8
12-17-2005, 03:16 PM
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| Re: Mortgage interest in Belgium - quote - > > > Hi. If a taxpayer, who is a US citizen and resides in the
Doh. Must have just have had a brain fart. I KNEW that :-),> > > US fulltime, purchases a second residence in Belgium, can he > > > write off the mortgage interest on that house? If so, how > > > does the IRS track that this is a legitimate expense as > > > there is no 1098 form in Belgium? > > Mortgage interest on a second home (not investment) is not > > ^^^ > > deductible on Schedule A -- regardless of where it is > > located. > Herb, Typo: Delete the word "not." must have thought that this was a second "second" home or something. Sorry for any misdirection. Herb << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#7
12-17-2005, 03:16 PM
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| Re: Mortgage interest in Belgium Ira Smilovitz <iras1[at]aol.com> wrote: - quote - > You can deduct the qualified mortgage interest paid
Just to qualify this statement: you can deduct the> on up to two properties on Schedule A. qualified mortgage interest on your main home plus one second home. So if your main home is a rented apartment, and you own two vacation homes, you can deduct the interest on jut one of those homes. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#6
12-16-2005, 07:10 AM
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| Re: Mortgage interest in Belgium - quote - > Mortgage interest on a second home (not investment) is not
It certainly is deductible.> deductible on Schedule A "Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home)." -- Pub. 17 for 2005, p. 144 << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#5
12-16-2005, 07:10 AM
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| Re: Mortgage interest in Belgium - quote - > > Hi. If a taxpayer, who is a US citizen and resides in the
Herb, Typo: Delete the word "not."> > US fulltime, purchases a second residence in Belgium, can he > > write off the mortgage interest on that house? If so, how > > does the IRS track that this is a legitimate expense as > > there is no 1098 form in Belgium? > Mortgage interest on a second home (not investment) is not ^^^ > deductible on Schedule A -- regardless of where it is > located. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#4
12-16-2005, 07:10 AM
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| Re: Mortgage interest in Belgium "Herb Smith" <smithff33[at]aol.com> wrote: - quote - > Mortgage interest on a second home (not investment) is not
No other way to put it, this is just plain wrong. I'd look> deductible on Schedule A -- regardless of where it is > located. it up in the Code, but Pub 936 should suffice. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
12-16-2005, 07:10 AM
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| Re: Mortgage interest in Belgium "Herb Smith" <smithff33[at]aol.com> wrote: - quote - > TheCID wrote:
Unless Congress changed the tax code in the last 24 hours,> > Hii. If a taxpayer, who is a US citizen and resides in the > > US fulltime, purchases a second residence in Belgium, can he > > write off the mortgage interest on that house? If so, how > > does the IRS track that this is a legitimate expense as > > there is no 1098 form in Belgium? > Mortgage interest on a second home (not investment) is not > deductible on Schedule A -- regardless of where it is > located. it is. You can deduct the qualified mortgage interest paid on up to two properties on Schedule A. Ira Smilovitz << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
12-15-2005, 07:55 AM
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| Re: Mortgage interest in Belgium TheCID wrote: - quote - > Hii. If a taxpayer, who is a US citizen and resides in the
Mortgage interest on a second home (not investment) is not> US fulltime, purchases a second residence in Belgium, can he > write off the mortgage interest on that house? If so, how > does the IRS track that this is a legitimate expense as > there is no 1098 form in Belgium? deductible on Schedule A -- regardless of where it is located. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
12-15-2005, 07:36 AM
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| Re: Mortgage interest in Belgium TheCID wrote: - quote - > Hii. If a taxpayer, who is a US citizen and resides in the
The IRS does not track those interest payments. Should the> US fulltime, purchases a second residence in Belgium, can he > write off the mortgage interest on that house? If so, how > does the IRS track that this is a legitimate expense as > there is no 1098 form in Belgium? IRS question your interest deduction on Schedule A Line 11, you would have to produce evidence, that you actually paid the interest and that it was qualifying mortgage interest. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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12-15-2005, 07:17 AM
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| Re: Mortgage interest in Belgium "TheCID" <Walt009[at]aol.com> wrote: - quote - > Hii. If a taxpayer, who is a US citizen and resides in the
Yes> US fulltime, purchases a second residence in Belgium, can he > write off the mortgage interest on that house? - quote - > If so, how does the IRS track that this is a legitimate
Going into Mr. Rogers mode, can you say "audit"?> expense as there is no 1098 form in Belgium? -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
12-14-2005, 10:57 AM
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| Mortgage interest in Belgium Hii. If a taxpayer, who is a US citizen and resides in the US fulltime, purchases a second residence in Belgium, can he write off the mortgage interest on that house? If so, how does the IRS track that this is a legitimate expense as there is no 1098 form in Belgium? Thanks! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| belgium, interest, mortgage |
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