We purchased a house in south carolina, still live in washington, is ther something we have to include in this filing?

skramyer · ‎March 29, 2023

we live in washington and purchased a house in south carolina for visiting and vacationing not renting. should we include this information in this filing?

xmasbaby0 · ‎March 29, 2023

You own a second home. You can enter mortgage interest, property tax and loan origination fees for a second home if you itemize deductions. The total deduction for state and local tax including property tax is capped at $10,000.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Cynthiad66 · ‎March 29, 2023

Yes. You can have 2 residences that you can claim as a second home for tax purposes. So, you can claim the mortgage interest and property taxes on Schedule A if you itemize your deductions.

One caveat on mortgage interest is that if the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Your home mortgage must be secured by your main home or a second home.

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We purchased a house in south carolina, still live in washington, is ther something we have to include in this filing?