Solved: Canadian Parents Mortgage Tax Deductible?

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)?

posted

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

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.