Just bought a second home in Michigan, can we take the tax exemption in the second state?
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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.
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