Tien Posted March 3 Report Share Posted March 3 Hello, My partner and I, we bought a rental plex last November. it is our first rental. Each of us took loan from our HELOC for the down payment. We are paying interest on it. For the mortgage interest, we entered in the T776 For the HELOC interest, we entered in the Carrying charges or interest expense We would to make sure that this is the right way to enter mortgage interest (shared 50/50) and HELOC interest (each has it own). Thanks Tien Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 4 Report Share Posted March 4 Hello Tien, I do not know what HELOC means, however all interest for the T776 Rental should be entered in the T776. Quote Link to comment Share on other sites More sharing options...
Tien Posted March 4 Author Report Share Posted March 4 Hello, Heloc, it’s the line of credit I took from my principal residence for down payment. My partner did the same with her principal residence. Thanks Tien Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 4 Report Share Posted March 4 Hello Tien, Thanks for the clarification. You are welcome. Quote Link to comment Share on other sites More sharing options...
Tien Posted March 4 Author Report Share Posted March 4 Hi Geo123, Is it correct to split the interest as indicated in my screenshots? Mortgage interest vs loan interest for investment. Thanks Tien Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 5 Report Share Posted March 5 Hello Tien, If interest (HELOC) is only for investments it is correct.. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.