Hi,
I am the sole legal owner of an investment property that generates rental income. I am considering refinancing the loan, and my spouse may be added as a co-borrower for serviceability purposes. My spouse would not have any ownership interest in the property and would not be listed on the title.
Could you please confirm:
- Whether adding my spouse as a co-borrower, without any ownership interest in the property, affects my ability to claim interest deductions on the loan.
- Whether the interest deduction must be apportioned between the borrowers, or whether it remains fully claimable by me as the sole owner of the income-producing property.
- Would loan-related deductions (for example, borrowing expenses, mortgage registration fees, lender fees, valuation fees, or discharge/refinancing fees that are deductible for tax purposes) also remain fully claimable by me, or would they need to be apportioned between the borrowers?
Thank you for your assistance.
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2 replies
29 views
2 replies