KrisD
Intuit Alumni

Deductions & credits

Yes. Home mortgage interest is deductible, but a "Transient Basis", such as a hotel room, never counts. A boat or motor home COULD, but not if you are subjected to AMT. So, under AMT the condo counts. Additionally the interest must be on a loan that applies to the acquisition of the home, you cannot claim interest on a home equity line of credit used for anything other than improving the home when subject to AMT.

Click here for information about AMT


View solution in original post