Hi,
I have a foreign property which draws rental income and I report it and pay tax in foreign country. My tax consultant is filing return with Schedule E and has included the rental income, depreciation and mortgage interest paid to bank in Schedule E. The property in foreign country has mortgage payment. I am planning to buy my first house in USA. Will the "mortgage interest paid" item cause any issue with my first time home buyer benefits in USA?
Please advise.
Appreciate your help.
I have a foreign property which draws rental income and I report it and pay tax in foreign country. My tax consultant is filing return with Schedule E and has included the rental income, depreciation and mortgage interest paid to bank in Schedule E. The property in foreign country has mortgage payment. I am planning to buy my first house in USA. Will the "mortgage interest paid" item cause any issue with my first time home buyer benefits in USA?
Please advise.
Appreciate your help.