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1st home in MI paid in full, 2nd home in FL paying a large portion of the mortgage in a lump sum. Can she write off that mortgage pmt on the FL home
Income is social security and small pension, and bought a 2nd home, different State. Lives in Home #1 8 months, and Home #2 4 months per year. (Neither is rented out.) Takes funds from IRA once per year to make one large payment against Home #2 mortgage. Is that mortgage pmt deductible? if so, do I list purchase of new home?
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1st home in MI paid in full, 2nd home in FL paying a large portion of the mortgage in a lump sum. Can she write off that mortgage pmt on the FL home
The mortgage interest is deductible on both homes on your Federal return. On your MI return, the home mortgage interest on the house in MI is deductible on the MI return. There is no state income tax in Florida.
You do not need to list the purchase of the new home. Just deduct your mortgage interest and property taxes (and now the PMI).
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1st home in MI paid in full, 2nd home in FL paying a large portion of the mortgage in a lump sum. Can she write off that mortgage pmt on the FL home
The mortgage interest is deductible on both homes on your Federal return. On your MI return, the home mortgage interest on the house in MI is deductible on the MI return. There is no state income tax in Florida.
You do not need to list the purchase of the new home. Just deduct your mortgage interest and property taxes (and now the PMI).
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