Ask Experts Questions for FREE Help !
Ask
    lalgac's Avatar
    lalgac Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 29, 2012, 01:24 PM
    Canadian mortgage interest deduction
    I work in US with H1B visa, and I have a joint mortgage with my mother from a Canadian bank on our house in Canada. She is still working in Canada and living in the house. My questions are: can I get the deductions in US income tax from the mortgage interests and the property taxes we paid on the house last year? If yes, all the amount or just half of it? What documents I'll need for these deductions? Thanks for your help in advance!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jan 30, 2012, 02:09 PM
    You CAN claim the deduction for the mortgage and real estate taxes based on the percentage of ownership you have. Hence, if you own 30%, you can claim 30% of the mortgage interest and real estate taxes, all the way up to 100%.

    However, if your name is on the title just for estate purposes, i.e. ownership of the house transfers to you on your mother's death and you actually own 0% of the house, then you can claim ZERO percent of the deduction.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreign mortgage interest deduction [ 1 Answers ]

I am a Spanish citizen who lives and works here in the US since 2005. I have a mortgage in Spain for an apartment I bought 10 years ago. Since I don't have any income in Spain, I cannot deduct any interests for the mortgage there. Can I deduct those interests in my US taxes? Thank you for your...

Can I deduct my canadian mortgage interest on my 1040NR itemized deduction list? [ 3 Answers ]

I am a Canadian working on a P1 Visa in the US. Can I deduct my canadian mortgage interest on my 1040NR itemized deduction list? Or canadian property taxes for that matter?

Mortgage interest deduction [ 1 Answers ]

I was divorced in 2009 & in my settlement agreement I was awarded the house in FL & my ex was awarded the house in Va Beach. I have always made the payments on the FL property. The deed is in both names but the mortgage is only in her name. Can I claim the interest & property taxes paid on the FL...

Mortgage interest deduction trust [ 2 Answers ]

We are American citizens living overseas. We want to purchase a property in a foreign country (it would be our primary residence). However, we would be required to purchase it through a limited liability company (due to local restrictions upon foreign owners). Would we still be able to qualify...


View more questions Search