primary residence, secondary residence, marriage


O

Old Car

I own 2 homes. I spend most of my time in one, and the
other is used for vacations. I just purchased the vacation
home last year.

1. Is mortgage interest on the vacation home tax deductible?
2. Assuming #1 is true, if I married someone who also owned
2 homes (one primary and one vacation home), would we be
able to deduct mortgage interest on all 4 homes?

Thanks.
 
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D

D. Stussy

Old said:
I own 2 homes. I spend most of my time in one, and the
other is used for vacations. I just purchased the vacation
home last year.

1. Is mortgage interest on the vacation home tax deductible?
2. Assuming #1 is true, if I married someone who also owned
2 homes (one primary and one vacation home), would we be
able to deduct mortgage interest on all 4 homes?
As residences, no. Only a primary residence plus one other
is allowed a deduction as a personal residence for interest
expense purposes.
 
H

Harlan Lunsford

D. Stussy said:
Old Car wrote:
As residences, no. Only a primary residence plus one other
is allowed a deduction as a personal residence for interest
expense purposes.
And would your answer change if each decided to file
separately?

ChEAr$$$,
Harlan Lunsford, EA n LA
11 Apr 2005
4 days and counting...... down.....\
 
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