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Deducting mortgage on foreign condo

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in Small Business Tax

Q: We're thinking about buying a vacation-home condo on one of the Caribbean islands. If we take out a mortgage, can we deduct the interest on our U.S. tax return? S.J., Darien, Conn.

A: Yes. You can deduct qualified mortgage interest paid on your principal residence and one other home, regardless of whether that home is located inside or outside the United States. Assuming you otherwise qualify, you can fully deduct the interest on your federal tax return. Tip: A home outside the United States can also qualify as your principal residence for all federal income tax purposes.

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