Canadian Parents Mortgage Tax Deductible?

taxquestions11 · ‎July 1, 2020

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)?

xmasbaby0 · ‎July 1, 2020

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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xmasbaby0 · ‎July 1, 2020

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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Canadian Parents Mortgage Tax Deductible?