Can we claim mortgage interest and property taxes paid for Canadian rental on 1040 in addition to corresponding amounts for principal home in US?
Since we are declaring global income, do these expenses qualify for 1040 return?
Canada rental home mortgage & property taxes for 1040
Moderator: Mark T Serbinski CA CPA
These expenses quilify as expenses against your rental income. You need to report your rental income and expenses on schedule C.
You would report mortgage interest and foreign property taxes on schedule A only if was a second home (or cottage). Yours is a rental property, thus you can only use it on sched C.
You would report mortgage interest and foreign property taxes on schedule A only if was a second home (or cottage). Yours is a rental property, thus you can only use it on sched C.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best