ss" <ssivagn[at]gmail.com> wrote:

- quote -

If the home meets the requirements for either your principal
residence or a second home, the appropriate rules for
deducting the mortgage interest apply. If, when you sell
the home, you have used the home as your principal residence
and meet the 2 out of 5 rules, you may claim the $250,000
($500,000 on a joint return) exclusion for any gain.

There is nothing in the rules for either mortgage interest
deduction or the gain exclusion that requires the property
to be in the US.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

We have bought a home outside US but taken the mortgage
here. Can I ask for tax deduction? What are the things
that we need to know while filing taxes?

Thanks

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >