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K
karrmmel
March 21, 2024
Question

Can I claim the extra mortgage interest that I paid to the end of the loan when I sold my rental against the rental income ?

  • March 21, 2024
  • 1 reply
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    1 reply

    G
    GHarpe
    March 21, 2024

    As seen in our TurboTax article: Tax Tip: Claiming Mortgage Interest on Your Tax Return

    Only the interest portion of the mortgage is deductible, and the interest is only deductible in the original term of the loan. If a lump sum amount was paid to reduce the interest rate on a mortgage, only a pro-rated portion of that lump sum is deductible in the tax year it was paid.

    As it is unclear, for clarification if the extra mortgage interest is deductible please contact the Canada Revenue Agency (CRA) at 1-800-959-8281.

     

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