Solved: Is the mortgage interest that you can claim essent...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Is the mortgage interest that you can claim essentially the amount of mortgage payments you made that year which went towards paying off the mortgage interest?

 
1 Best answer

Accepted Solutions
Highlighted
New Member

Is the mortgage interest that you can claim essentially the amount of mortgage payments you made that year which went towards paying off the mortgage interest?

For a rental property you can deduct the interest payments only.  You cannot deduct the principal portion of the payments.  Your financial institution should send you an annual statement breaking out the principal vs. interest of your total payment.

Happy Filing!

Christine

View solution in original post

3 Replies
Highlighted
New Member

Is the mortgage interest that you can claim essentially the amount of mortgage payments you made that year which went towards paying off the mortgage interest?

Is your question in regard to a rental property?
Highlighted
New Member

Is the mortgage interest that you can claim essentially the amount of mortgage payments you made that year which went towards paying off the mortgage interest?

Yes, sorry it is in regards to the mortgage interest for my rental property
Highlighted
New Member

Is the mortgage interest that you can claim essentially the amount of mortgage payments you made that year which went towards paying off the mortgage interest?

For a rental property you can deduct the interest payments only.  You cannot deduct the principal portion of the payments.  Your financial institution should send you an annual statement breaking out the principal vs. interest of your total payment.

Happy Filing!

Christine

View solution in original post

v