Hi,
I'm a canadian citizen living in the US, legally authorized to work in the US.
I have two rental properties in Canada. If one of them were rented for under fair market value rent, from my understanding I am supposed to do the following:
1. type in the rental income in the Miscellaneous Income--> Other reportable income section.
2. Type in the rental expenses in the Other Deductible Expenses--> Less Common Deductions, and itemize my rental expenses.
Is this correct?
I also do not own a house in the U.S. Am I able to deduct the mortgage interest paid in the Other deductible expenses section (with the other rental expenses)?
THanks in advance for your help!