I do not want to sell my home and am considering buying a second place near work. Will both mortgages be tax deductible on my year end income tax?
2007-06-12 23:17:31 · 3 answers · asked by Traveler 4 in Business & Finance ➔ Taxes ➔ United States
Yes. To make it an even better tax situation...rent out the old house. You will have to declare the rental income but will be able to write off all expenses associated with the house, such as insurance, repairs, maintenance and depreciation. If you decide to move back, you can sell the new house (have a 250K exemption) and revert the old house to your residence. Live there for 2 years and sell it for another 250k exemption. Pretty sweet deal if you can handle being an out of town landlord.
2007-06-13 07:53:38 · answer #1 · answered by extra_37 4 · 0⤊ 0⤋
Yes.
2007-06-13 06:20:03 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Should be. And so should the moving expenses.
2007-06-13 11:16:33 · answer #3 · answered by r2mm 4 · 0⤊ 0⤋