Just bought a second home in Michigan, can we take the tax exemption in the second state?
You'll need to sign in or create an account to connect with an expert.
I don’t understand what you mean by “tax exemption”.
IRS allows you to deduct mortgage interest and property taxes on both homes. However, most homestead exemptions are limited to your primary or main home.
Is the mortgage interest and real property tax I pay on a second residence deductible?
Check with the municipality in Michigan where your home is located for information about any local tax exemptions.
Hello @hnl66 ,
I'm happy to help, but I'm not sure if I fully understand your question.
If you are referring to the Principal Residence Exemption for Michigan, to qualify you must be:
The following link provides more information on Michigan's PRE
https://www.michigan.gov/taxes/property/principal
Additionally, the IRS does allow a deduction for mortgage interest and real estate taxes on both a first and second home as an itemized deduction.
Please, reach out with a follow up question if needed.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
leahcate1976
New Member
PatM58
New Member
vze56v6x
Level 2
Fatbottomboy
New Member
djng
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.