Question

Do I enter the co owners mortgage interest paid for the year in a 50/50 co ownership?

Forum|Forum|4 years ago
April 6, 2022
1 reply
0 views

No text available

According to the Canada Revenue Agency (CRA), the owner of the mortgage may only deduct the interest paid on a property. Since there are 2 co-owners, you may only deduct your portion of the interest paid for the year on this property.

(Note: As an owner, you are the only one who can use the related interest expense to calculate your rental income or loss, even if someone else guaranteed your loan or mortgage. For more information, see Line 8710 – Interest and bank charges.)

For more information, check out: Canada Revenue Agency - Rental Income

Thank you for choosing TurboTax.