I'm confused by TT statement trying to describe a qualified mortgage that: A qualified dwelling is a house, apartment, condominium, or mobile home not used on a transient basis. So this tells me the only interest I can deduct under AMT is for my primary residence. But then under "mortgage interest that's not deductible under AMT" TT states: Mortgage interest paid on a transient second home (like a boat or motor home) is not deductible for AMT purposes. This implies that TT's use of the word "transient" means that the property is not fixed to the ground and is therefore ineligible, but that can't be right because obviously a house, apartment, or condo cannot be moved around. So what about a first mortgage on my second home condo?
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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
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
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