Home Buying in 60605>Question Details

Ricardo, Home Buyer in New York, NY

If you buy a residence out of state as a temp residence or investment property, do you still get to deduct the

Asked by Ricardo, New York, NY Fri Jan 9, 2009

interest you pay on the mortgage from your taxes ?

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4
Ricardo,

The best source for accurate information on this topis is a CPA of a tax accountant.

Good luck
0 votes Thank Flag Link Sun Jan 11, 2009
Ricardo,

You can only deuct interest and real estate taxes on your Principal Residence.
You should consult with your accountant regarding allowable deductions for 2nd Homes and Investment property such as depreciation.

Good Luck, Ken Dooley.
Web Reference: http://www.KenDooley.com
0 votes Thank Flag Link Sun Jan 11, 2009
It depends upon how much of the time you intend to use it for personal use. If it is an investment property it would be best to talk with your accountant or tax advisor. I own investment property and I am unable to deduct mortgage interest on any loans directly made to purchase the property. I have used home equity loans on my personal residence over the years to purchase my investment units and that mortgage interest was fully deductable from my Fed. Income Taxes. Again, seek the advice of a good CPA or tax accountant.
0 votes Thank Flag Link Fri Jan 9, 2009
CHECK with your CPA however in most instances YES, any trips and repairs should be tax deductions

GREAT QUESTION ;)
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 9, 2009
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