Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I have a friend who just moved into a new house last october, still hasn't sold their old house, and has a timeshare. They received morgage interest forms from all 3. I thought you could only have 2 deductions, unless you have rentals. Can he deduct all 3?


as long as old house was principal residence i say he can deduct all three in the year of the move.

If he cannot sell old house in the following year -- could have a problem since it would not qualify as his principal residence.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.