An Airbnb rental, for example, can only deduct mortgage interest based on the period of time it has been rented out. So, if you were to only rent out for two months per year, that means you can only deduct 2/12 of your mortgage interest. A six-month rent will allow you to claim 50% and so on.. Landlord mortgage interest tax relief in 2024-25. Since April 2020, you've no longer been able to deduct any of your mortgage expenses from your rental income to reduce your tax bill. Instead, you now receive a tax-credit, based on 20% of your mortgage interest payments. This is less generous than the old system for higher-rate taxpayers, who.

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The mortgage interest tax deduction is a deduction you can claim on the interest charged on your home loan if the property you bought with the loan is generating taxable income. Investment properties will qualify but no deduction is available for interest on your family home.. You can't deduct the repayments of the principal sum borrowed.. The short answer is: sometimes. It all depends on how the property is used. For a mortgage to be tax-deductible in Canada, the property the mortgage belongs to must be used for generating income (whether that's rental income, business or professional income). The good news is that primary residences that are also used in some rental capacity.