be in Mexico and financed in Mexico. Any problem with interest not being reported to IRS???
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hmm
Foreign income exclusion? I would think.
Jade!! -
Sure a taxpayer can have a second home anywhere they wish. That does not mean that everything about the second home is deductible as it would not be if located in the USA. Mortgage interest should be deductible.Originally posted by JON View Post
I don't understand what foreign income exclusion has to do with anything mentioned in this post. Obviously, if it is a second home it is not the primary residence and if the second home is sold the gain would be taxable since foreign income exclusion would not apply as the taxpayer is living in the primary residence in the USA.Comment
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I'm glad to know this because
earlier this tax season I let a new client write off mortgage interest for a second home in Lybia. He paid me in cash which turned out to be counterfeit, but oh well, I can't win every day. :PComment
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