Can I deduct mortgage interest and property tax paid in Canada?

[subear87]

Hi. I am a Canadian who is living and working in US now. 

I wonder if I can claim the deduction for mortgage interest and property tax paid for the house in Canada. 

The mortgage is signed by myself (living in US) and my father (who is living in that house). Percentage of amount paid between me and my father keeps.

Is it possible to proceed? And, is there any restriction since both names are on the mortgage?

If it is possible, what kind of documents do I need to prepare? 

Thanks,

[bwa]

You can claim mortgage interest on your residence and one additional residence, and property taxes on any number of residences.  It doesn't matter if either residence is in the US or elsewhere.  No special documents are required.  You would have to restate any payments that are in Canadian dollars to US dollars.

[subear87]

Thanks for your answer. If that's the case, can I claim property tax paid if my parents already claimed in Canada? (So claim twice by my parents in Canada and by me in US. Is it possible?)

[bwa]

Only the one that paid the property tax can claim it as a deduction.  You both didn't pay the entire amount.  If you were the one that paid it, you have a US deduction.

[Saina199]

IRS received form 1098 from the lender.  For foreign properties, which forms should be reported?  And how the exchange rates should be calculated?

[DaveF1006]

To depends. To clarify, are your foreign properties rentals or personal residences? Do you still own them or were any of them sold?

[Saina199]

Personal residents, and not sold.  Thanks!

[MarilynG1]

@Saina199 If you received a Form1098 for Mortgage Interest, the amount reported should be in US Dollars.

You would enter it the same as a 1098 received for a US property.  

If not, enter the conversion amounts in TurboTax. 

No additional forms are needed. 

Click this link for more info on How to Enter Mortgage Interest on Foreign Property.