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deductions for vacation home in another state
hello ,
my primary residence is NY and recently purchased a vacation home in NC. We used the home as personal use and visit several times a year . Are there potential deductions you might be eligible for? mortgage interest etc
Thanks
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deductions for vacation home in another state
On your federal tax return you can deduct the mortgage interest and property taxes paid on the second home.
However, these are all itemized deductions on Schedule A.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2024
Single - $14,600 add $1,850 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older
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