How do I add simple bank interest and the safety deposit box fee? - Earl-

[SandraWWoodbridge]

As of the tax year 2014, you can no longer claim safety deposit box expenses.

Interest expense can be claimed if the money borrowed is used to earn an income: business income/investment income/rental income. For details, please visit TurboTax FAQ: Is Interest Deductible?

Where to claim the interest expense, depends on how the money borrowed is used.

• If the money is used to earn self-employment income, you would claim it in Form T2125 (Line 8710 – Interest and bank charges).
• If the money is used to earn investment income, you would claim it in Investment Expenses (Line 22100 – Carrying charges and interest expenses).
• If the money is used to earn rental income with basic services, you would claim it in Form T776, Statement of Real Estate Rentals (Line 8710 – Interest and bank charges).

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