Welcome Guest. Register Now!  

Itemized Deductions Schedule-A

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-31-2014, 01:26 AM
Junior Member
Join Date: Mar 2014
Posts: 2
Mortgage Interest Deduction for an Investment Property While Renting


I currently rent in CA and have struggled since the last year or so trying to buy a place in the city where we live (ours is an Asian dominated city and most of the transactions in the last few years have been all cash, and we dont have that kind of money). While we look for a house here in CA, we are thinking of buying an investment property in Phoenix.

My questions

1. Does the tax law allow me to claim the mortgage interest deduction for an investment property while I still rent myself?

2. I may need to move out of the country by the end of the year. Can I continue to claim the mortgage interest deduction in my tax return even though I am not physically in the US?

Will appreciate a response


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mortgage Interest Deduction on Foreign Property jhar Homeowner Tax 4 09-06-2015 03:17 AM
Mortgage Interest Deduction on a US Property while living abroad pooriepoorie Homeowner Tax 1 03-27-2014 07:21 PM
Tax deduction on mortgage interest payment for foreign property multi Income 1 07-30-2012 10:53 PM
Mortgage Interest Deduction on Foreign Property? crosby1 Itemized Deductions 3 07-16-2012 09:38 AM
Investment mortgage interest Jaxtivers Miscellaneous 0 04-14-2010 07:06 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning