Can I Claim Mortgage Interest Income Tax Question

Can I Claim Mortgage Interest Income Tax Question

I am buying a house in Germany that will be my primary residence and I am wanting to know if I can claim the mortgage interest/expenses on my US taxes.

I do own another house in Kentucky that I am claiming the interest but it is being rented.

Can We Get TDS On Interest Received

by xxx
(Pune)

Hi, Last 3 years I was give loan to X person who was NRI that amount is something 30 lac & the person was returning the amount with interest can we do that & my that interest amount is taxble in the which head.

Half of Mortgage Principal and Interest as Alimony Paid.

by Christopher
(Colorado)

Hello and thank you for this service,

I've been divorced in Colorado since February 2009. My former spouse and I still own a home in joint tenancy in Colorado. It's a qualified home because I live in the residence. My former spouse lives elsewhere. I must and do pay the entire mortgage payment (principal, interest, tax and insurance) each month. According to IRS Publication 17 and 504, it appears that I’m allowed to deduct half of the principal and interest payments as alimony paid, while the former spouse must claim those as alimony received. The former spouse and I can each deduct half of the interest payments on Schedule A. Plus, I can deduct 100% of the real estate taxes on Schedule A.

Yet some accountants and lawyers believe that this interpretation of alimony paid versus received only applies if the non-paying spouse resides in the qualified home. However, I've seen nothing from the IRS that substantiates that view. What's your view? Is it proper for me to deduct half of the principal and interest payments as alimony paid as well as take all the other aforementioned deductions? If I’m wrong, would you be kind enough to direct me to the IRS source, such as a publication, that verifies your interpretation?

Thank you.

Interest on Construction Loan

Question for Tax Year 2022: In 2022 I had a construction loan with one bank for several months to build a second home. Later, I went to closing a second time to convert to a regular, 30-year mortgage (with points) with another bank. I advertised the basement of this second home for rent in November 2022 but did not find a suitable renter until March 2023.

1)On Schedule E for this rental section for Tax Year 2022, can I claim a pro-rated portion of the entire interest from the construction loan as well as 1/30 of interest and points from the regular 30-year mortgage?

2) What about mileage to and from the two-mortgage closing? Can I deduct a pro-rated portion of the entire mileage?

Interest Rate Lock Fee In Tax Return

by Dhruv
(Huntsville, AL)

I paid some amount last year(2010) to lock the interest rate to the lending bank. Can I show the lock fee in the tax return? If yes, how?

Mortgage Interest

I noticed on my form 1098 mortgage interest for 2009 was at 7,900.00. I wanted to know why my mortgage co. sent me a form 1099-INT for 2011 and it was for .60 I don't understand this because we still owe over 100,000.00 on our home.

I do know they went and kinda sold out to another branch with their name and the new one on return address can someone tell me that it is ok for it to change that drastic? Thanks Peggy

Reg. Fixed Deposit Interest

by shanti
(delhi)

I have a fixed deposit. Tds has beed deducted. while filling the itr form, i take the total interest of fd as income from other sources. Can i take only the amount excluding tds as interest?

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