1640721
You'll need to sign in or create an account to connect with an expert.
The mortgage interest and property taxes are still deductible, but how much depends on your answers to the following questions.
Have you sold the home? If not, is it empty or are you renting it out? Are you letting a family member live in it rent-free?
It's on the market for sale and is vacant. There is currently an offer on the property, to close some time in July. Thank you so much!
Ah, this makes it simpler. You are allowed to deduct interest and taxes on a second home, so even if you are now living elsewhere, these items for your former residence are still deductible in full for 2019.
During the closing next month, make sure to ask the title company what the net property tax is that you are paying for 2020 on the home. This is because the title company will handle prorating what you pay versus what the buyer will pay, and it will be much easier for them to tell you at the time rather than looking it up later from the closing papers (be sure to write down their answer on the closing papers!).
As for the mortgage interest, your lender will send you a 1098 in early 2020 with the actual amount of interest you paid in 2020, and you will use that number on your 202 tax return.
Thank you! You just made my life a lot easier! 😊
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
JeffW2922
Returning Member
Marks22
New Member
mjlresources
New Member
Randall4817
Returning Member
angela-glissen
New Member