Mortgage interest for foreign property and principal property

[jerryhuang0123]

Hi,

The situation is this:

1. I have a property which I own under my name in the US (Seattle) and live in. This is my principal residence.

2. I have a property in Canada which is under my mom's name, BUT I am the guarantor for the property. This home is the principal residence for my mom. 

Question: Can I write off the mortgage interest and property taxes on BOTH the properties? If so, how do I go about doing so. 

[DianeW777]

It depends.  If by guarantor you mean the home/property in Canada is in your name (not just the loan), then you can deduct the mortgage interest on both homes (main home and second home).

• Can I deduct mortgage interest on a second home?
• Can I deduct mortgage interest?
• How do I handle entry for more than one mortgage?

[jerryhuang0123]

The second property is under my mom's name, but the loan is under my name. I am the guarantor on the loan. 

[DianeW777]

Only if you have an ownership interest in the property.

The mortgage is a secured debt on a qualified home in which you have an ownership interest. 

• Secured Debt and Qualified Home are explained - IRS Publication 936