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Politics : View from the Center and Left

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To: Bread Upon The Water who wrote (245845)	2/28/2014 12:39:07 PM
From: bentway	Read Replies (1) of 542644

No, Bread, you can deduct mortgage interest on TWO homes. It's very popular with commuting elected national representatives who maintain a Washington place and a home district or state place. bankrate.com "Home mortgage interest is an itemized tax deduction on Schedule A of Form 1040. There are various conditions and limits that apply to deducting mortgage interest. You must be legally liable for the loan. The mortgage must be a secured debt on a qualified home in which you have an ownership interest. A qualified home is your main home *or a second home*. Your main home is the property where you ordinarily live. If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year. If you have more than one second home, you can treat only one as the qualified second home during any year. This means a second home occupied by your parents would qualify as a second home for purposes of the home mortgage interest deduction."

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