Real Estate

Can mortgage breaking penalty be tax deductible?

  • Last Updated:
  • Feb 1st, 2021 11:38 am
[OP]
Jr. Member
Mar 25, 2018
162 posts
239 upvotes

Can mortgage breaking penalty be tax deductible?

Let say I want to get the equity of an investment property by breaking the mortgage and I have to pay the penalty. Can this be penalty be tax deductible for the same investment property? If not, let say I invest that in some other investment, will that be tax deductible? In short, is there a way to make this penalty a tax deductible?
2 replies
Member
May 12, 2003
371 posts
235 upvotes
GTA
Typically CCA, not current expense.

Unless its for your personal residence, and you're moving, then its moving expense, or you're selling the investment property.

Top