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Question

Building second home

Forum|Forum|2 years ago
October 25, 2023
1 reply
5 views

what is tax deductible in the case above?

Ask the Experts - Extension - Sept 2023

Employee Tax Expert

Employee Tax Expert

Hello:

You can always enter mortgage interest and property tax for a second home that you own. Your mortgage interest is limited to $750,000 of debt secured by your first and second home.

Also, real estate taxes limit is part of the $10,000 annual ceiling relating the total of all state and local taxes deducted, including property and income taxes.

Here is a link for further details: https://turbotax.intuit.com/tax-tips/home-ownership/buying-a-second-home-tax-tips-for-homeowners/L5Mzc5URo

Have an amazing day. Evelyn M (CPA 20+ years). I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer".