Canada rental home mortgage & property taxes for 1040

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
Livonian
Posts: 29
Joined: Sat Sep 12, 2009 9:26 pm

Canada rental home mortgage & property taxes for 1040

Post by Livonian »

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?
nelsona
Posts: 18678
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

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.
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
Post Reply