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taxquestions11
Level 1

Canadian Parents Mortgage Tax Deductible?

If I assist my parent living in Canada with their mortgage payments, is the interest expense then tax deductible for me (living in the US/filing US tax return)? 

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Accepted Solutions
xmasbaby0
Level 15

Canadian Parents Mortgage Tax Deductible?

Sorry--no.  Gifts you gave to help your parents are not deductible.  Money given to individuals is not deductible for you, nor is it taxable to the recipient.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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1 Reply
xmasbaby0
Level 15

Canadian Parents Mortgage Tax Deductible?

Sorry--no.  Gifts you gave to help your parents are not deductible.  Money given to individuals is not deductible for you, nor is it taxable to the recipient.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

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