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Politics : View from the Center and Left

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To: bentway who wrote (187714)	4/28/2012 1:03:14 PM
From: Fiscally Conservative	Read Replies (1) of 542923

Well after further review I see I was wrong: under IRS Service Code Section 163, the mortgage interest on your second home is deductible as long as the loans you've taken out to acquire "qualified residences" (both primary and vacation homes) don't exceed $1 million, and your home-equity loans don't exceed $100,000. A "qualified residence" is defined as either a principal residence or a vacation home that either isn't rented out at all, or is used by the owner for the greater of 14 days or 10% of the number of days it's rented to others at a fair price. You used the residence for personal purposes for a month, so you pass the "greater than 14 days" test. online.wsj.com And I agree there should be no deduction of interest on second homes.

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