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Deducting Mortgage Interest on Two Houses in Same Year?
Posted by BeerMoney on 3/24/15 at 3:33 pm01
Sold a house in February, rented for a few months and then moved to a new house in July. So I have paid interest on two homes that were both my primary residence. Can I deduct combined interest on both?
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by PurpGold 14-0 on 3/24/15 at 3:33 pm to BeerMoney
$ board will be way more helpful
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by tgrbaitn08 on 3/24/15 at 3:34 pm to BeerMoney
Of course
Eta not combined but you can deduct them both.
Eta not combined but you can deduct them both.
This post was edited on 3/24 at 3:35 pm
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by Tigerfan56 on 3/24/15 at 3:35 pm to BeerMoney
quote:
So I have paid interest on two homes that were both my primary residence. Can I deduct combined interest on both?
Yep.
quote:
Can I deduct combined interest on both?
of course, why not? if you had two jobs you're certainly going to be taxed on both incomes
ETA: you're also going to pay property tax on both for the time that you owned, first one was settled at closing though
This post was edited on 3/24 at 3:38 pm
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by 777Tiger on 3/24/15 at 3:42 pm to tgrbaitn08
quote:
not combined but you can deduct them both.
separate 1098's but combined on return
ETA: splitting hairs, I know
This post was edited on 3/24 at 3:42 pm
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by tgrbaitn08 on 3/24/15 at 3:49 pm to 777Tiger
Lol that's what I meant.
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re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by TU Rob on 3/24/15 at 4:07 pm to tgrbaitn08
I moved in July 8 years ago. Deducted interest on both houses. It is fairly common.
quote:
not true, second home, rental property mortgage interest is deductible
Yes as long as you live there for a certain portion of the year, otherwise it is a rental property and doesn't qualify
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by tgrbaitn08 on 3/24/15 at 4:19 pm to lsu480
Nope. My rental property is deductable.
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by lsu480 on 3/24/15 at 4:21 pm to tgrbaitn08
quote:
Nope. My rental property is deductable.
Do you also own a primary residence that you write off? If so from what I have read in the IRS guidelines it shouldn't be counted as a qualified home.
ETA: I looked it up:
Qualified Home
For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible.
Main home. You can have only one main home at any one time. This is the home where you ordinarily live most of the time.
Second home. A second home is a home that you choose to treat as your second home.
Second home not rented out. If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year.
Second home rented out. If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home. For information on residential rental property, see Publication 527.
This post was edited on 3/24 at 4:22 pm
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by tgrbaitn08 on 3/24/15 at 4:23 pm to lsu480
Yes. It's legal. I also can deduct any improvements or upgrades to my rental property.
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by lsu480 on 3/24/15 at 4:24 pm to tgrbaitn08
quote:
Yes. It's legal
You must not have one person staying there all year. Do you rent it on air bnb or something and then stay there 2 weeks a year, or say you do?
ETA: NM I just looked at their 527 publication and I guess you can. Seems like their own publications are all over the place.
This post was edited on 3/24 at 4:31 pm
re: Deducting Mortgage Interest on Two Houses in Same Year?Posted by tgrbaitn08 on 3/24/15 at 4:31 pm to lsu480
They are duplexes. They all stay rented out all year long. It's not a second home. It's considered an investment property.
I don't know what else to tell you. My CPA is as straight as they come. I trust him.
I don't know what else to tell you. My CPA is as straight as they come. I trust him.
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