I have two houses, I live in one and try to sell the other one. Can I get tax deduction on both houses for property tax and mortgage interest?
2006-09-06 02:08:13 · 6 answers · asked by snowcrab 2 in Business & Finance ➔ Taxes ➔ United States
YES you may deduct for up to 2 houses, like a main home or cottage.Or like a main home and the old one you just moved out of. But 2 properties max.
You use the schedule A on a 1040.
The only limit is that the combined property tax and mortgage can only reduce you income to 0, not less than 0.
gl
2006-09-09 18:15:01 · answer #1 · answered by awaken_now 5 · 0⤊ 0⤋
I say YES also. But it goes on a schedule A. Which deducts a lot of other things, as gifts or cash to charities, Job related expenses, tax preparer fees, union dues. ect.
2006-09-06 06:06:58 · answer #2 · answered by csabrinam 3 · 0⤊ 0⤋
Absolutely. However, once you sell the second home, your property deduction will be limited up until the date you sell the home.
2006-09-06 11:58:16 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
Yes, but there is a limit on the mortgages.
2006-09-08 09:05:25 · answer #4 · answered by Scott K 7 · 0⤊ 0⤋
Yes. Call your CPA to find out the estimated tax right off
2006-09-06 02:30:02 · answer #5 · answered by mortgage_info_4u 2 · 0⤊ 1⤋
no idea
2006-09-06 02:13:01 · answer #6 · answered by fliphead918 1 · 0⤊ 2⤋