Yes, you can deduct mortgage interest as well as property tax and maintenance from your investment property in Canada. If you own multiple units and you are the one managing them you should also open a property management company and charge your properties a management fee which is also tax deductible.

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Income = 350k file = married, joint (wife does not work), one dependant mortgage = 3k p/m interest paid in 2010 is 15k i am trying to assess if it is better to sell my home and rent (and forego the interest write off) versus renting (i would look to rent around 3k p/m).

It would be cheaper to rent since you will only be paying 3k/mo as opposed to 3k/mo in mortgage payments plus what you pay in Real Estate taxes and insurance. However, to assess the situation properly, you do get to write off the real estate taxes and mortgage interest. In this situation, since you are a high income earner and can afford such a mortgage, I would stick with the property. There is only so much land and there isn't any more being made. So, even though real estate in some areas are taking a beating, it will bounce back. Another way to go would be to keep your home but rent it out. That way you get to keep your deductions and your rental income can pay your rent somewhere else. Of course it depends on the reason why you would want to rent in the first place. I would always want to be the owner, never the renter.

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I used to get roughly a third of that amount back when i itemized. kinda hoping i could still get some of it back.

Sorry but no. All mortgage interest and property tax can do is reduce your taxable income thus reducing your tax liability. Since you have no tax liability there is nothing to reduce.

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I lived with my parents back in 2007 and helped them pay the mortgage. they paid $44,000 in property interest for that year. when my dad and i filed our taxes, we split the interest and claimed it on our itemized deductions and got most of my taxes back (around $5500 in refund). in 2008, my dad lost his job; as a result, they stop paying the mortgage. however, i was unaware of this and was still giving them $1400 a month for my part. this continued until june 2008. from this point on, i learned that my parents haven't paid any mortgage for the past 6 months and been saving the money i was giving them to use as rent when they move out. foreclosure was inevitable and my dad decided to short-sell the house. the house was sold on august and we all moved out afterwards. my questions are: 1. since the house was sold and i didn't know that they weren't paying mortgate, could i still claim that 6 months i was giving them money as an itemized deduction? 2. what are the chances of being audited? if audited, would my justification justify why i deducted that? for those of you who said that i can't claim a deduction because i am not on the house title are misinformed. i've spoken with several irs agents and all told me that -- i do not have to be a co-owner or my name doesn't even have to show up anywhere on the title -- to claim such a deduction. as long as i have proof that i was giving my parents money to help pay for the rent is enough.

I am assuming the house is in your parent's name and not yours. 1. You can not deduct the mortgage interest if the house is not in your name in either 2008 or 2007. The IRS will not accept that you paid it on behalf of your parents. 2. Your chances of being audited are unknown but your chances of getting an IRS notice is somewhat high if you did not receive a mortgage interest 1098 but deducted mortgage interest. The IRS matches the information they receive from 3rd parties to the information on your tax return. If the info doesn't match you'll get a notice "correcting" the tax return you filed. That being said, some people don't receive 1098's for instance if you paid mortgage interest to an individual.

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I didn't earn much this year, and so i didn't pay a lot of taxes, and so my refund will be small despite having a bunch of stuff to itemize. i want to know how much of it, if any, i can add to next year's itemization.

Mortgage interest and property tax are deductible "in the year paid." If you wanted to defer the deduction for last year's taxes until the 2007 tax return, you would have had to defer the payments also (which is generally inadvisable). ;-)

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I use turbo tax and input the amount of interest and property tax, nothing changes after that.

First whether you get a refund involves many other factors. The question is will deducting mortgage interest and property tax reduce your taxable income? You get a standard deduction of $5350 Sgl or $10700 if Married. You only choose to itemize if your itemized deductions exceed your std. deduction THat is probably why you saw no change

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I am on the deed (as associate as stated on the county clerk recorder) but not on the loan/mortgage i occupy the property, pay property tax and the mortgage as well with my personal check. can i say that i own the property and can claim the interest on my tax refund?

I agree with Kathy R. One thing that I would do is sign a simple agreement with the person whose name is on the mortgage that states that you are legally responsible for the mortgage and entitled to claim the interest deduction. You can take the interest deduction even if you don't get a 1098 -- report the interest you paid on line 11 of Sch A (instead of line 10) and include an explanation with your return that identifies your ownership of the house and the existence of the agreement.

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I am a new homeowner. my boyfriend and i purchased our house 7 months ago, we are both single and obviously file seperate tax returns. last year, when i filed my tax return, i did not get a refund, but had to pay a small amount, however, my boyfriend got a refund on his return. this year, i want to know if i can itemize my return, and deduct all the mortgage interest and property taxes on my 1040, and my boyfriend will take the standard deduction again as usual. we will have about $15,000 in deductions between the mortgage interest and property taxes, so i feel that putting it all on one return would maximize our refund, but is this a proper way to do it? both of our names are on the mortgage and we are both responsible for making the mortgage payments. we do not pay any pmi, based on our income, we wouldn't have been able to deduct that even if we did pay it. we each pay half of the mortgage monthly from a joint account, so to be safe, we should just split the deductions on our tax returns so if audited, we can support that we both made the payments. i just wondered if anyone was in a similar situation and could share how they prepare their taxes. thanks for all your answers!

Depends on how the ownership and mortgage are handled. IRS codes allow you to deduct such interest and taxes ONLY if a) You are legally obligated to pay them, and b) if you actually DO pay them. Hence, if you and the BF are splitting the payments monthly, you can only deduct the amount YOU paid, and not what HE paid. In order to do what you would like to do, you need to keep your finances separate and keep good records of who made the payments. And to correct previous response errors, mortgage PMI IS deductible, but only for calendar 2007, thus far. It remains to be seen if the deduction will be renewed for following years.

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I wanted to know what type of tax refund i should receive this year. for most of last year, i was not working (about 8 months), however, i did pay my mortgage interest, property tax, and other deductables from 3 months income and 6 months unemployment insurance. i'm just curious to know if i would receive a refund even though i payed deductables but did not work most of the year?

Go to the H&R Block tax calculator, enter your data, and get a good estimate of your taxes and refund: http://www.hrblock.com/taxes/tax_calculators/index.html