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US IRS Tax on Overseas Property

Discussion in 'Buying Overseas Property' started by River, Apr 1, 2007.

  1. River

    River New Member

    Hello everyone,

    I bought a house in the UK last year (I have US and British citizenship). I arranged an interest-only mortgage with a UK bank, and my mortgage payments are made in the UK from a British bank account I maintain.

    I have lived and worked in the US for years, and only file taxes in the US. I want to deduct my mortgage interest payments from my US IRS tax filings, and have the following questions:

    - Anyone know the IRS form to file for an overseas mortgage on an overseas property?

    - What paper work should I submit to the IRS? In the US, financial institutions autogenerate the appropriate forms. What paperwork does the IRS require to be filed if a mortgage is with an overseas bank?

    - Any other advice regarding my scenario would be much appreciated.

    Thank you for reading. I have done a lot of google searches but have been unable to find clear information.

  2. probkid1

    probkid1 New Member


    I have exactly the same situation. I invested in a property overseas and have a loan from a bank in that country plus some credit card loans that I took here in US. Were you able to get any information on whether the interest paid to such institutions on such property can be deducted? I'd greatly appreciate a reply.

  3. catalogguy

    catalogguy New Member

    Good q's

    I am sorry I cannot offer you better information, but I would think any good CPA in the US could help you.

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