Is it possible to get tax exemption in US for LAND Mortgage – House is not yet constructed?
My friend has a Land Loan (the only loan he has – loan taken to buy the land but house is not yet constructed ) from a bank in INDIA.He is working here on H1. He doesn’t have any loans here in US. The bank in INDIA has all rights to sell the land and recover the loan amount if failed to repay.
Can he get a tax exemption here in US?