GC Holders - Can we hold real estate in another country

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NYGCSeeker

Registered Users (C)
This is a bit of a naive question.

Can GC holders hold real estate in their home countries?
If I am paying a mortgage in my home country, Should I record that in my Tax filings in the US?

Any responses are appreciated.
 
Paying mortgage in another country and reporting that in US tax return..?!!! :eek: I dont think so.... :confused:
 
NYGCSeeker said:
Can GC holders hold real estate in their home countries?
If I am paying a mortgage in my home country, Should I record that in my Tax filings in the US?

Any responses are appreciated.
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The condition for GC is that you have to live in USA as a taxpayer. It does not care how much wealth you kept/have outside USA.
 
Once again

pralay said:
The condition for GC is that you have to live in USA as a taxpayer. It does not care how much wealth you kept/have outside USA.
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I currently live in the US but, I am paying a mortgage on the house that I bought recently in India which is my home country.
Where can I find more information on the US taxation laws on overseas holdings. I tried the IRS website but could not find the relavent information.

If anyone has claimed a mortgage deduction for their overseas holdings, I would greatly appreciate it if they can enlighten me with their experience/s.
 
Sure
if your financial institution has a US Tax ID Number, and can issue you a Form 1098 (Mortgage Interest Statement.)
Also note that you can only claim mortgage interest on your taxes on your primary home, and a certain percentage if you can claim your other house as a vacation home.
 
NYGCSeeker said:
If anyone has claimed a mortgage deduction for their overseas holdings, I would greatly appreciate it if they can enlighten me with their experience/s.
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Not sure if you can claim a mortgage deduction for overseas real-estate. This is just my guess though. The basic spirit of this law (allowing mortgage deduction) is that govt wants people to own home in USA (and not living in rental property forever) - and allowing mortgage deduction is govt's way to encourage to that. That's why I am not sure if the same law can be applied for overseas property.
 
NYGCSeeker said:
If anyone has claimed a mortgage deduction for their overseas holdings, I would greatly appreciate it if they can enlighten me with their experience/s.
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There is little more info' dealing with one 'Housing Exclusion' delaing only with
person who is citizen or PR who lives abroad.It mentions some thing :
*Housing expenses do not include:
Expenses that are lavish or extravagant under the circumstances,

Deductible interest and taxes (including deductible interest and taxes of a tenant-stockholder in a cooperative housing corporation),

The cost of buying property, including principal payments on a mortgage,*

It is in IRS publication 54.Check.
 
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regarding the original question....sure you can own property in you home country, as you are still a citizen of that country
 
sandeepM said:
regarding the original question....sure you can own property in you home country, as you are still a citizen of that country
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Sure. Anybody would know that they could buy realestate in their home country while they are still citizens. But I believe NYGCseeker's intended question was to know if he could report it to IRS for tax deductions.
 
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