My_question_is: Canadian-specific
Subject: Making a mortgage tax deductible
Expert: taxman at centa.com
Date: Thursday March 31, 2005
Time: 01:48 PM -0800
QUESTION:
Hi David - we love your circulars.
We don't live in Vancouver, so can't make the mortgage interest talk.
We have a house paid off - principal residence - and another house mortgaged
and rented out. If we want to go for a third rental property, could we
re-mortage the principal residence for $100K to put down as downpayment on
the 3rd house, and then the 100K would be tax deductible, PLUS the
outstanding mortage on the rental property. Is that correct? We do have a
line of credit on the principal residence, but it only goes up to $40K - not
enough for a downpayment. If not, is there a better way?
Many thanks,
Stephanie
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david ingram replies:
$100,000 on the paid for principal residence would be deductible if you use
it to buy another rental house, buy dividend paying stock or start a
business.
david
PS: we have had three different people from Bermuda phone the radio show.
It is long distance but if you tell the operator where you are phoning from,
he will put you through ASAP.
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth
Management and I, David Ingram host a LIVE talk show called "ITS YOUR
MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls (BC only)
are taken at 1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
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