My question is: Applicable to both US and Canada
QUESTION: Hi David
I am a Turkish citizen and an H1B visa holder in the US and planning to buy
a house in Vancouver. My brother, who is a Canadian resident, will stay
there. When I come here to visit him, I will stay in the house too.
1) Can I deduct my mortgage interest in the US under the second home? Does
my brother living in my home without paying any rent to me make me qualify
for not paying any tax in Canada?
2)Do you think that it would be better to give the title of my house to my
brother, but keeping the loan under my name for tax purposes?
Thank you
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david ingram relies:
1. You are welcome to have a home in Canada. Many US residents have summer
cabins, ski chalets and second home pied a terre in Canada. Any Canadian
property taxes and interest paid on your seasonal or second home is
deductible on your US 1040 whether it is in Canada, Turkey or Australia or
any other country.
2. If you were collecting rent, you would have to file a Canadian Income Tax
return under section 216(4). You would also need an agent. As long as you
are only visiting Canada occasionally to visit your brother, there is no tax
liability to Canada.
If your brother was given the title to the house and held it for you in
trust (it was really yours), you could still deduct the interest and taxes
on your schedule A of your 1040.
----------------------------
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