US IRS Tax on Overseas Property

[River]

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.

River

 

[probkid1]

Hello,

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.

Thanks.

 

[catalogguy]

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.

Hello,

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.

Thanks.