I will be moving to Florida from Michigan, but my house in MI has not yet sold. If I change my residency to FL will I still be able to claim my property mortgage and taxes as my primary residence if I change my residency? We will be staying in an apartment when we move.
2007-03-09 12:21:38 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You do not have to live in the home to claim either the property tax deduction or the mortgage interest deduction. The only restrictions on the mortgage interest deduction are that total borrowing must not exceed $1 million and that you cannot deduct in respect of more than two homes. There are no such restrictions for property taxes. Of course to be able to deduct in any case you must be legally obligated to repay the mortgage (mortgage interest deduction) or be on the deed (property tax deduction)
2007-03-09 14:02:08 · answer #1 · answered by skip 6 · 0⤊ 0⤋
So don't change your domicile (i.e., form "intent" to stay permanently in FL) until the house sells.
Until it sells, you're a guy who is just staying in Florida chillin'.
2007-03-09 20:26:56 · answer #2 · answered by Anonymous · 1⤊ 0⤋
LISTEN,Don't change it until you sell and the process is finish or you will regret doing it.
2007-03-09 20:31:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It doesn't matter, you can still claim it.
2007-03-09 20:24:57 · answer #4 · answered by The Rabbi 5 · 1⤊ 1⤋