We own a multiplex in which we live in 60% and rent out 40%. We took out a second mortgage to renovate the ground floor (the 40%). Can I deduct the interest on the second mortgage in its entirety as it is not a personal expense but related to the income p

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We own a multiplex in which we live in 60% and rent out 40%. We took out a second mortgage to renovate the ground floor (the 40%). Can I deduct the interest on the second mortgage in its entirety as it is not a personal expense but related to the income p

Yes, if you took out a mortgage to renovate your income property the interest on that mortgage can be deducted as an expense.

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We own a multiplex in which we live in 60% and rent out 40%. We took out a second mortgage to renovate the ground floor (the 40%). Can I deduct the interest on the second mortgage in its entirety as it is not a personal expense but related to the income p

Yes, if you took out a mortgage to renovate your income property the interest on that mortgage can be deducted as an expense.