We just got married in early December, we both owned our own homes. We moved into my house after the wedding. I've done taxes for "Married Filing Separately", but now I'm doing it as "Married Filing Jointly", but I'm not sure if we can only deduct Property Taxes and Interest on the home we moved into, or if we can claim the property taxes and interest on both homes?
You'll need to sign in or create an account to connect with an expert.
You can claim both. You can deduct mortgage interest on a second home as an itemized deduction if it meets all the requirements for deducting mortgage interest.
If you rent out your second home, you must also use it as a home during the year. You must use it more than 14 days or more than 10% of the total days it is rented out, whichever is longer. If you do not use the home long enough, it is considered a rental property. You can then deduct the mortgage interest as a rental expense.
Mortgage interest can only be claimed on a maximum of two homes (main home and a second home).
However, under the new tax law, the SALT deduction (state & local tax, property tax, vehicle registration, sales tax) is capped at $10,000 ($5,000 if married filing separately). Prior to that, there was no cap. Taxpayers must still itemize to get this deduction – that part hasn't changed.
You can claim both. You can deduct mortgage interest on a second home as an itemized deduction if it meets all the requirements for deducting mortgage interest.
If you rent out your second home, you must also use it as a home during the year. You must use it more than 14 days or more than 10% of the total days it is rented out, whichever is longer. If you do not use the home long enough, it is considered a rental property. You can then deduct the mortgage interest as a rental expense.
Mortgage interest can only be claimed on a maximum of two homes (main home and a second home).
However, under the new tax law, the SALT deduction (state & local tax, property tax, vehicle registration, sales tax) is capped at $10,000 ($5,000 if married filing separately). Prior to that, there was no cap. Taxpayers must still itemize to get this deduction – that part hasn't changed.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ilenearg
Level 2
Nate_EastTN
Level 1
D7knight2
Level 2
RMonson-1
New Member
Bobw633
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.