How many properties can my wife and I deduct when filing a joint return if she has a primary residence and a vacation home, and I myself also have a primary and vacation home as well?
2007-12-26 19:09:41 · 3 answers · asked by 194p$k 2 in Business & Finance ➔ Taxes ➔ United States
You can claim the mortgage interest deduction on a primary and second home, per tax return filed. If you file a joint return, that works out to a maximum of 2 homes. Pick the ones with the highest mortgage interest.
The only way that you could claim the interest on all 4 home mortgages would be to file separate returns. If the interest is significant, this is one of those situations where it might be better to file separately. Crunch the numbers both ways and file whichever way is most advantageous to you.
For property taxes you can claim the taxes paid on as many homes as you own.
2007-12-26 21:09:47 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can deduct the mortgage interest and real estate taxes on two homes total, not all 4. One has to be one of your primary residences. The other, the "second home", can be whichever one you declare it to be.
2007-12-27 01:40:26 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Calif calls so which you will record Calif. the comparable as federal in case you have 2 properties you could deduct the non-public loan interest and property tax on the two as long as you do no longer employ the two out for 2 wks or extra
2016-12-18 09:07:45 · answer #3 · answered by ? 4 · 0⤊ 0⤋