[[This is probably a dumb question. If we buy a summer home, can we deduct mortgage interest for both homes?]]Generally speaking, the answer is yes. And you can also generally deduct property taxes for both homes also. But you'll have to stop at two...since the deduction for mortage interst on a third (or more) residence would take some very fancy footwork.If you use the second home also as a "vacation" rental, (where you rent it out when your not using it), the rules become much more complex. But if you would like to read more about the mortgage interest deduction, for both a primary and secondary residence, check out IRS Publication 936.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra