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hnl66
Level 2
June 8, 2022
Question

New home in a different state

  • June 8, 2022
  • 2 replies
  • 0 views

Just bought a second home in Michigan, can we take the tax exemption in the second state?

    2 replies

    S
    SundayInSalem
    Level 8
    June 8, 2022

    I don’t understand what you mean by “tax exemption”.

     

    IRS allows you to deduct mortgage interest and property taxes on both homes. However, most homestead exemptions are limited to your primary or main home.

    Is the mortgage interest and real property tax I pay on a second residence deductible?

     

    Check with the municipality in Michigan where your home is located for information about any local tax exemptions.

    S
    STaxLady
    Level 5
    June 8, 2022

    Hello @hnl66 ,

     

    I'm happy to help, but I'm not sure if I fully understand your question.

     

    If you are referring to the Principal Residence Exemption for Michigan, to qualify you must be:

    • a Michigan resident
    • who owns and occupies the property as a principal residence

    The following link provides more information on Michigan's PRE

    https://www.michigan.gov/taxes/property/principal 

     

    Additionally, the IRS does allow a deduction for mortgage interest and real estate taxes on both a first and second home as an itemized deduction.

     

    Please, reach out with a follow up question if needed.

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