Question

How do I report mortgage interest on a foreign mortgage where the lender does not give a 1098 ?

Forum|Forum|6 years ago
February 27, 2020
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TurboTax Premier Online

Employee

You can deduct interest on your main residence and one second home (such as a vacation home). The loan must be a true mortgage, meaning it is secured against the home so that the bank can foreclose if you don't make payments, and the loan must be "perfected" (registered as a mortgage against the home with the local property records office or as required by local law). (A personal or unsecured loan is not deductible even if it was used to buy a home.)

If you have a mortgage and don't receive a 1098, just enter the lender and check the box for "I did not receive a 1098 for this loan). I believe you will be asked for additional information such as the name and address of the lender, but it is still deductible. Save your proof of interest paid for at least 6 years after filing, along with your other important tax papers, in case of audit.

A

avocado

How do you enter the address of the foreign bank where you will have gotten the foreign mortgage? All the dropdowns are for US states so can one claim mortgage interest for a foreign home bought using a mortgage acquired from a foreign bank? Thank you.

M

MAK70

When you are entering, put the name of the lender, On the "Tell us more about your loan from" Choose None of the Above then you must answer the 1098 Box 1-2-3-5-11 and continue through the rest of the questions. You do not have to put the lender's address, but keep the information with your tax records.

@avocado