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February 21, 2025
Question

Can I deduct mortgage interest for my property in Canada for my tax deductions ? I paid more than 15000$ in interest.

  • February 21, 2025
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    1 reply

    February 21, 2025

    if it's rental property it may go on schedule E, if you meet the rule - basically you are charging fair rental value

     

    for personal; residence 

    You can claim mortgage interest on your primary residence and one additional residence, and property taxes on any number of residences.  It doesn't matter if either residence is in the US or elsewhere.  No special documents are required.  You would have to restate any payments that are in Canadian dollars to US dollars.

     

    the complication may be if the mortgage balance exceeds what's allowed under US law or you refinanced. you may have to pretend you got a 1098 and do a conversion of amounts to US dollars. 

    https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates 

    you may need the services of a pro if your situation is complicated because of multiple mortgages or refinancing