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February 27, 2024
Question

How to enter my mortgages?

  • February 27, 2024
  • 1 reply
  • 0 views

I rented out my place and got a new place to live. But now, I am paying two mortgages, property taxes, strata and etc. . I can easily add my rental income and deduct taxes and maintenance fees and more from it, but where should I add the mortgage and property taxes of my current principal residence(second residence)? Should I just add it as a deductible to my rental income?

1 reply

TurboTaxSusan
February 27, 2024

You can't claim mortgage interest payments or other expenses from your principal residence unless you use the property for business, or you rent part of it out.