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Timeshare in a different state

I received a 1098 for a Hilton Properties timeshare that is located in Florida purchased in 2023 & for the home I own in California (where I live & work); do I get to deduct the mortgage interest on both for my federal returns? Do I have to file with both Florida & California?  I also purchased a new home in CA that is my new primary residence - can I also deduct these closing costs? ( I didn't make any mortgage payments outside of closing costs until 2024)

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1 Reply
LindaS5247
Expert Alumni

Timeshare in a different state

Yes, you can deduct the mortgage interest for your timeshare if it is deeded and recorded in public records and it meets all the requirements for deducting mortgage interest as well as the mortgage interest for your home. 

 

Mortgage interest can only be claimed on a maximum of two homes (main home and a second home). If you have mortgages on two homes and a timeshare, you won’t be able to deduct the mortgage interest on one of those properties.

 

Closing costs on a  timeshare are generally not deductible.  Closing costs on your new primary residence are deductible as follows:

 

For your primary or secondary home, the only deductible closing costs are home mortgage interest and certain real estate taxes. These deductible costs generally include:

 

  • Real estate taxes paid at closing
  • Mortgage interest paid when the cost was settled
  • Interest paid at the house’s purchase
  • Loan origination fees, known as “points”


Florida does not levy a state individual income tax so you do not have to report this on a Florida state return.
 

 

Click here for additional information from Florida Revenue.

 

Click here for Can I deduct Mortgage Closing Costs?

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