Foreign housing deduction for self employed

Forum|Forum|6 years ago
May 3, 2020
1 reply
11 views

Mortgage interest and real estate property deduction

For a US citizen owns a house abroad.

Trying to take the housing deduction not exclusion.

How to deduct. I am new to Proseries. Like it.

Please help

ProConnect Tax Online

This topic has been closed for replies.

itonewbie

Level 15

Foreign mortgage interest is to be taken on Sch A. But you have more to consider than §911.

---------------------------------------------------------------------------------Still an AllStar

K

ktmcpaAuthor

Level 2

Appreciate your response.

I understand it should be on Sch A. Total housing expense is $31k.

I will have to reduce this amount due to exclusion of foreign income.

1/3 would be non excluded income, therefore itemized deductions would be 1/3 of $31k.

I would rather take standard deduction.

Am I taking the right approach ?

I appreciate your help.

itonewbie

Level 15

Your understanding is not correct. There's no foreign housing deduction for your client and the foreign mortgage interest should not be subject to reduction.

---------------------------------------------------------------------------------Still an AllStar

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