10. If I own two dwellings, both of which are used as my place of residence, am I entitled to a deduction of loan interest paid for both dwellings?

10. If I own two dwellings, both of which are used as my place of residence, am I entitled to a deduction of loan interest paid for both dwellings?

As a taxpayer, you are not entitled to a deduction of interest paid on both dwellings. You will only be allowed a deduction of interest paid for the acquisition of the dwelling that you regard as your principal place of residence.