Considering building a 2nd home and need guidance regarding loan interest on payments.
2007-07-19 07:00:13 · 3 answers · asked by fmcclain 1 in Business & Finance ➔ Taxes ➔ United States
yes, either on Schedule A or Schedule E. I've attached a link regarding vacation home interest for you.
2007-07-19 07:05:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Mortgage interest payments can be deducted on two homes as long as the original debt on each home is less than one million. Interest on home equity loans are deductible up to the interest expense on $100,000 of home equity debt.
If this is personal, deduct on Schedule A. If this is a rental and you used the property personally for less than two weeks, deduct on Schedule E. If you use rental property more than two weeks personally, there are limits to what is deductible on Schedule E.
2007-07-19 14:12:17 · answer #2 · answered by jlbouman 1 · 1⤊ 0⤋
Yes. You are allowed to deduct mortgage interest on up to two homes.
2007-07-19 14:03:53 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋