I already have a house (that I live in) that I've been deducting mortage interest for the past five years. I've been told that I can deduct the condo mortgage interest on my taxes for a "second home". I don't know if milage is a factor in qualifing for a second home -- the condo is only 3 miles from my house. My family/friends do not pay me rent when they stay in the condo. Having the condo has worked out very nice over the past six months because we get away from each other for 8-12hr/day when they are in town, but would even be better if I can fully deduct the mortgage interest from my taxes. Any suggestions on how to handle this situation on my taxes?
2007-03-17 10:11:14 · 4 answers · asked by chandler163 1 in Business & Finance ➔ Taxes ➔ United States
Both the mortgage interest and the property taxes are deductible in just the same manner as your primary residence. It would not make a difference if it was next door. If anyone were ever to give your anything for staying there I am sure that it would be a "gift" to show their appreciation.
2007-03-17 10:30:41 · answer #1 · answered by ? 6 · 2⤊ 0⤋
Like the man said,, it's your second home, the interest paid on the loan is 100% deductible. (if you itemize your deductions on Schedule A)
2007-03-17 10:27:21 · answer #2 · answered by Jo Blo 6 · 1⤊ 0⤋
That's still a second home. How you use it is your business, not the IRS's. Deduct away!
2007-03-17 10:19:07 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
THIS YEAR JUST ADD THE MORTGAGE FROM YOU HOME AND THE CONDO AND YOU'RE PROPERTY TAXES ASWELL. BY NOT REPORTING THEM U'RE NOT GETTING BACK MONEY U SHOULD.
2007-03-17 13:06:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋