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glynnrw1
New Member

T776 Rental Expenses : Where do you claim the mortage expense when you are renting part of yourhome?

 
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TurboTaxTatsiana1
New Member

T776 Rental Expenses : Where do you claim the mortage expense when you are renting part of yourhome?

You are allowed  to claim only Mortgage Interest paid, not Principal.  Add it on T776 in the interest line.

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TurboTaxTatsiana1
New Member

T776 Rental Expenses : Where do you claim the mortage expense when you are renting part of yourhome?

You are allowed  to claim only Mortgage Interest paid, not Principal.  Add it on T776 in the interest line.

Fredguy
New Member

T776 Rental Expenses : Where do you claim the mortage expense when you are renting part of yourhome?

And is this deduction allowed if you are claiming the rental property as your principal residence even though you don't live there but still use it as your mailing address and rent it out 100%? 

 

In my case for 2019, since it was my first time renting out my property, I rented out the whole property starting in June of 2019 up to and including December 31, 2019.  I plan to write the required letter to the CRA that states I will continue to claim the property as my principal residence for that portion of 2019 (7 months)  despite my renting it out. 

 

I have also notice that I can also deduct condo fees, home insurance costs, and property taxes. Is this correct? 

 

 

 

 

TuboTaxBrenda1
Moderator

T776 Rental Expenses : Where do you claim the mortage expense when you are renting part of yourhome?

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