Foreign housing deduction for self employed

8 replies
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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

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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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