In addition to R/E taxes on my main home, I pay R/E taxes on 3 time shares. One is in Mexico. I know you can only deduct mortgage interest on a main home and a 2nd home. But what about real estate taxes? Can I deduct them on all 3 time shares?
2007-03-14 16:47:48 · 2 answers · asked by Lisa M 2 in Business & Finance ➔ Taxes ➔ United States
You can deduct all real estate taxes, so deduct those three timeshare taxes.
You are correct, you can deduct mortgage interest on two homes,... so pick the second home with the most mortgage interest, and deduct that.
2007-03-14 16:55:58 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
You can also save money on your tax expenses. I found a site, provided below as a source, that paid me back for all of my tax expenses through H&R Block. I went through their site, filling out all of my information, and received a check shortly afterwards. I discovered the site this year, so don't know if they have offered this service before or not. However, any money saved is good money. Also, don't forget that if you sold/rented any of your time shares to anyone for that year that the money from that sale/lease is earned income as well.
2007-03-15 05:10:09 · answer #2 · answered by Jason C 2 · 0⤊ 0⤋