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garrincha
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2 homes - 1 rental and 1 primary residence. What all can be included in itemized deductions?

I've 2 homes with mortgages on both of them. One home is a pure rental property and the other is my primary residence.

 

What all can be included in itemized deductions (essentially Schedule A) in this scenario and what are the limits ?

 

Examples:

1. Mortgage interest - on rental property? on primary residence? on both? any limit ?

2. Real estate taxes - on rental property? on primary residence? on both? any limit?

3. HOA fees - on rental property? any limit?

4. Anything else that I'm not thinking of ?

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2 Replies

2 homes - 1 rental and 1 primary residence. What all can be included in itemized deductions?

On Schedule A only the primary home deductions can be reported, mortgage interest, property taxes.  State and Local Income Taxes or Sales Taxes plus real estate property taxes are capped at $10,000.

IRS Schedule A - https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

Rental property mortgage interest, property taxes, HOA fees, repairs and depreciation of the property and any other assets is reported on Schedule E.

IRS Schedule E - https://www.irs.gov/pub/irs-pdf/f1040se.pdf

2 homes - 1 rental and 1 primary residence. What all can be included in itemized deductions?

Just to clarify, the mortgage interest on the primary home isnt limited to 10K, just the total of "state and local taxes (this includes real estate taxes)" has the 10K limit.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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