mortage interest

Forum|Forum|2 years ago
February 2, 2024
3 replies
30 views

I have mortgage interest on 2 timeshares with Club Wyndham and World Mark. Can I deduct interest I have paid?

Mortgage Interest

AmyC

Level 15

Not all of it. The mortgage interest on your primary home and a second home qualify for the mortgage interest deduction. Once you pass the second home, the interest is not deductible. All of the properties you own can be used for the real estate taxes deduction. There should be a breakdown showing property tax on your annual bill.

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zomboo

Level 7

Pick one your timeshare as your second home.

Monikak11

Level 6

You can only deduct interest on a primary residence and one second residence. The interest on the third residence will not be deductible. A timeshare is treated as a residence for this purpose. You will need to choose which timeshare to designate as the second residence.

See this TurboTax help article for more information about claiming interest on a timeshare.

@10Malarky