Deducting Mortgage interest and property tax for a second home in Canda, Mexico, Italy, Spain or any other country

QUESTION: I am a US citizen, I would like to buy a second home in Canada. Will the property taxes and mortgage interest be deductible on my US income tax?

david ingram replies:

Yes, You can deduct the Canadian property tax and mortgage intererest on schedule A. This is true for a second home whether it is in Mexico, Panama, Italy or any other Country as well.

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