2007-01-11 14:32:10 · 4 answers · asked by ferdi 1 in Business & Finance ➔ Taxes ➔ United States
You can claim mortgage interest and property taxes (on up to two homes for the interest) so assuming you have your primary residence and your second home (the vacation home), you can claim the interest and taxes on both when you prepare your income tax return (they are both itemized deductions).
2007-01-11 15:56:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
you want to document a tax go back. on your case you would really have a time table E on your 2 leases. that's a call for. that's in all probability you does no longer have earnings on the leases because the deepest loan pastime, property tax and depreciation rate (that you are able to take) would exceed the earnings from the leases. in case you do not document, the IRS will assume earnings (from the 1099 personal loan pastime suggested to them) and deliver you a pc generated letter inquiring for a go back. that's likewise fairly powerful to document because you are able to promote a property in the destiny and a base cost (foundation) must be widely used by using filing. back, you gained't owe tax, and also you gained't have an open year in case you document.
2016-10-30 21:20:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes
2007-01-11 15:08:54 · answer #3 · answered by alfa64dfwm 2 · 0⤊ 0⤋
Mortgage interest on up to two homes is deductable. So, as long as it is only your second home, yes.
2007-01-11 14:44:22 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋