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The purchase of a second home does not need to be entered on your tax return. Most of the expenses involved in purchasing the home are not deductible, but added to the basis of your house, to reduce any gain when you sell it in the future.
You can, however, deduct the mortgage interest, mortgage insurance, and real estate taxes just like you would on your principal residence [as long as the total debt for the two homes is $1 million or less].
To enter interest on the second home loan, please follow these steps:
[Edited | 4/14/2020 | 1:09pm PDT]
The purchase of a second home does not need to be entered on your tax return. Most of the expenses involved in purchasing the home are not deductible, but added to the basis of your house, to reduce any gain when you sell it in the future.
You can, however, deduct the mortgage interest, mortgage insurance, and real estate taxes just like you would on your principal residence [as long as the total debt for the two homes is $1 million or less].
To enter interest on the second home loan, please follow these steps:
[Edited | 4/14/2020 | 1:09pm PDT]
I bought a second home in Nevada- can i still add the mortgage interest in my CA tax returns?
"I bought a second home in Nevada- can i still add the mortgage interest in my CA tax returns?"
If this mortgage interest is deductible on Schedule A on the federal return, then it is deductible in CA.
Actually, even if the mortgage interest has been limited on Schedule A because of the changes in the Tax Cut and Jobs Act (TCJA) of 2017, it still may be be deductible in CA because CA never adopted the changes by the TCJA.
Enter it on your federal return and let TurboTax figure it out.
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