Foreign Mortgage Interest deductible for US rental property Hi there,
I'm a Canadian resident owning a condo in Miami. I used my Canadian home line of equity to purchase the condo then convert this home line to a 5 year mortgage using my Canadian home to secure the Miami condo. In other words, the condo is currently financed in Canada so I am incurring mortgage interest in Canada. My question is, is my foreign mortgage interest deductible against the Miami condo deductible on the 1040NR? The condo is currently rented and I have no intention of living in that condo until I retire (which is in 10 years or so). Thanks. |