Is the mortgage interest on a vacation home deductible?

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Qualified Home For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible. Main home. You can have only one main home at any one time. This is the home where you ordinarily live most of the time. Second home. A second home is a home that you choose to treat as your second home. Second home not rented out. If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year. Second home rented out. If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home. For information on residential rental property, see Publication 527.
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Can you deduct mortgage interest on a second home that you use as a rental property?

\n Deductions for Rental Property \n. \nHere are opinions and advice from FAQ Farmers:\n. \n . It depends. This is from Tax Topic 505 at "Your main home is whe

Can a cosigner who resides in the home deduct on his income tax the property taxes on the home and the mortgage interest that he pays on the loan for that home?

Some basic facts: 1) You cannot deduct any property taxes or mortgage interest unless YOU paid it. If a co-owner or cosigner (or even a complete stranger) paid the taxes or in

What is the maximum mortgage interest that you can deduct?

Answer . In all the years i have owned a house, in 4 different states, i have deducted ALL of my mortgage interest for the 1st 15 years on a 30 year mortgage.. Answer 2.

What are the IRS rules for Vacation home deductions?

Vacation homes offer owners many tax breakssimilar to those for primary residences. VacationHomes also offer owners the opportunity to earntax-advantaged and even tax-free inc

Can I deduct mortgage interest on rental?

Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or
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How can i calculate value of mortgage interest deduction?

On the mortgage documents is a list of the interest payments for each year. If they are by month, you add them up. You get the year's interest payments. When you fill out your
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If you buy a condo for an investment can you deduct the interest on the mortgage?

Your tax consultant can answer your specific question, because of the details involved. But generally in USA, mortgage loan interest on real property is deductible. However, s