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If I put a 2nd mortgage on my Canadian home and rent it out I hear I =
can't deduct the intrest. Thank you
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david ingram replies:
It depends on what you use the money from the second mortgage for. =20
If you used it to buy a mutual fund, the interest would be deductible.
If you used it to buy a business, the interest would be deductible.
If you used it as a down payment on another house for you to live in, =
the interest would NOT be deductible.
Go to www.centa.com amd read the Novembver 2001 newsletter for =
information on making your Canadian Mortgage deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321=20
[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed =
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in any particular circumstances. No contract exists between the reader & =
the author and any and all non-contractual duties are expressly denied. =
All readers should obtain formal advice from a competent financial, or =
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message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from =
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Ingram deals daily with tax returns dealing with expatriate:
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Taxman and Tax Guru and wizzard wizardYour name has been added to our =
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your question but=20
another similar question will be as we lump them.
You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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