Solved: Mortgage interest payments

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suzyqd
New Member

Mortgage interest payments

Where do i claim the mortgage interest payments on my primary residents?
1 Best answer

Accepted Solutions
TurboTaxTerry
New Member

Mortgage interest payments

Mortgage interest on a personal residence is not tax deductible in Canada. If you have generated income either through renting out part of your house or operated a business from your home you would need to report the income and expenses on the appropriate schedule.

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3 Replies
TurboTaxTerry
New Member

Mortgage interest payments

Mortgage interest on a personal residence is not tax deductible in Canada. If you have generated income either through renting out part of your house or operated a business from your home you would need to report the income and expenses on the appropriate schedule.

View solution in original post

MH Farm
New Member

Mortgage interest payments

Im a farmer. I divorced and paid my wife a sum. I had to get a lender to pay her out.

 

I pay my lender monthly eg: $600 on interest only!

 

Do i claim whole amount [social security number removed], $7,200.00 on line 9806? 

TurboTaxHeba
Moderator

Mortgage interest payments

We need more information to be able to help you. Did you split a farming business with your wife or are you trying to claim personal loan expenses? Was the business in both your names or did you own it solely? 

 

For questions for which personal information must be exchanged, you can contact us by phone or private message on our Facebook and Twitter social networks. 

We also offer tax expert services as needed. 

Thanks in advance for your understanding, 

 

I hope this was helpful

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