Since US persons has to declare rental income in Canada / home sale for tax purpose on 1040 form.
My question is, can one then claim mortgage interest paid on a house one lived during the departure year?
I asked because a US citizen/ resident can claim mortgage interest on their house so if a new resident has to declare rental income /home sale in the year of move, then he should be able to claim the mortgage interest paid on the Canadian home before moving to the US.
Thank you
Tax Questions on 1040
Moderator: Mark T Serbinski CA CPA
Re: Tax Questions on 1040
If you file a full year 1040, you can claim mortgage interest on your home (before it was rented) as a deduction on schedule A. The interest while it was rented would be included in your rental expense of course.
The problem, is that now that the standard deduction is so high, it is less likely that you will be able to benefit from that deduction. But it is always available, even for US taxpayers living in Canada.
The problem, is that now that the standard deduction is so high, it is less likely that you will be able to benefit from that deduction. But it is always available, even for US taxpayers living in Canada.
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