CEN-TA Cross Border Services - Tax, Visas, Immigration: Mortgage interest and property taxes paid in Canada deductible forCalifornia US resident buying property in Canada

Reply_To:
My_question_is: Applicable to both US and Canada
Subject:        Mortgage interest deductible for US resident buying property
in Canada
Expert:         [email protected]
Date:           Sunday January 25, 2004
Time:           05:28 PM -0800

QUESTION:

We are a Canadian couple living in California and are interested in buying a
home in Vancouver. Is it true that the mortage interest and property tax we
pay in Canada can be deductible from our US income tax? Do we need to get
the financing from a US institution, does it matter?
=================================================================================

david ingram replies:

Assuming that the home is empty and is merely a home away from home, you can deduct the interest and property taxes on your US return if your second home is in Florida, Cost Rica, Brazil, London, Berlin, Madrid. Lima or Good Olde Vancouver or Whistler.

You can get your financing from anyone that will give it to you. A Mortgage Broker I can recommend without reservation is Joan Marsh. She does not use email but has a fax, etc. You can get hold of her at (604) 535-9981.

David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com

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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com

David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Saudi Arabia to Mexico to China or Chile - Cross border, dual citizen - out of country investments are all handled with competence & authority.
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Pennsylvania, Rhode Island, Rockwall,
South Carolina, South Dakota, Tennessee,
Texas, Utah, Vermont, Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec City,
New Brunswick, Prince Edward Island,
Nova Scotia, Newfoundland, Yukon and
Northwest and Nunavit Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
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Mortgage interest and property taxes paid in Canada deductible forCalifornia US resident buying property in Canada - Joan Marsh