OSAP interest deduction for 1040

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Nishant
Posts: 78
Joined: Sun Sep 06, 2009 10:15 am

OSAP interest deduction for 1040

Post by Nishant »

Does 1040 allow OSAP loan interest paid for deduction for loan taken by spouse when we are filing as jointly?

Is it beneficial to claim on 1040 or leave it for Canada return or does it have to split based on months of residency?
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nelsona
Posts: 18678
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Any deduction that meets the definition for that country can be used for that country, regardless if you use it in Canada. So the answer is use the full amount that you can on both. Using a decuction on your Cdn return does not mean you can't use it on US, nor vice versa, as long as it meets the definition.
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
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