Rental Income - Interest Paid on Monies Borrowed

Laura

Registered User
Messages
50
I understand that Interest Paid on Monies borrowed to purchase a rental property is a deductable expense when calculating tax liability. I am wondering if anyone can clarify if this "Deductable Expense" is for the lifetime of the mortgage or if it ceases to be a deductable expense after seven years ?
 
If the property continues to be rented the loan interest is deductible for life.

Make sure you are signed up to PRTB in this regard.
 
Txs for clearing that up HamSlicer... Am a registered tenancy all right with the PRTB. Somewhere I got the notion that this "deductible expense" expired after a certain period.