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Author: Renegadecj Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121272  
Subject: Tax deduction on 3 "homes" Date: 2/13/2002 9:49 AM
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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?

Thanks,
Renegadecj
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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 58899 of 121272
Subject: Re: Tax deduction on 3 "homes" Date: 2/13/2002 10:55 AM
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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?

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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.

pete

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 58925 of 121272
Subject: Re: Tax deduction on 3 "homes" Date: 2/13/2002 4:11 PM
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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.

pete


You can deduct real estate taxes on all three, but you are only allowed to deduct mortgage interest on two personal properties, your principal residence and a second home. Since their principal residence changed in October, they will have to decide whether the timeshare or the old home should be used for the second home mortgage interest deduction for the last 2+ months of the year. The other one cannot be deducted.

Ira


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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 58937 of 121272
Subject: Re: Tax deduction on 3 "homes" Date: 2/13/2002 6:52 PM
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can deduct real estate taxes on all three, but you are only allowed to deduct mortgage interest on two personal properties, your principal residence and a second home. Since their principal residence changed in October, they will have to decide whether the timeshare or the old home should be used for the second home mortgage interest deduction for the last 2+ months of the year. The other one cannot be deducted.
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I thought I read recently that in the year of the move they could deduct both??? maybe not

What about classifying as investment interest??


pete

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