Can I claim the interest payed on a mortgage for a property we lived in part of the year but now rent out?

[chris205]

The last 5 months of the year it was a rental property.  If I can claim this, is it safe to take the total amount of interest paid for that year, divide by 12, then multiply by 5?

[mohamed_96]

Thank you for your question.

Interest on a mortgage you use to buy a property is deductible if you generate rental income from the property. In your case, since the property was rented out for part of the year the interest on that portion of the mortgage is deductible from your taxes.

For more information, please see the links below.

Is Interest Deductible?

Tax Tip: Claiming Mortgage Interest on Your Tax Return

If you have any questions, please contact us.