Can You Deduct Second Mortgage Interest

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You should recieve a 1098 interest statement from your second mortgage lender just as you do with your first mortgage lender. If you have not received this form contact the lender immediately. Most lenders have an automated system in place that can have one prepared and mailed out to you immediately.

You can deduct personal property taxes on your boat regardless of whether it qualifies as a second home, provided the taxes are only based on the boat’s value and the tax is charged on an annual basis. You must itemize your deductions on Schedule A to claim a deduction for mortgage interest, home equity interest or personal property taxes.

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You can deduct property taxes on your second home, too. In fact, unlike the mortgage interest rule, you can deduct property taxes paid on any number of homes you own. however, beginning in 2018, the total of all state and local taxes deducted, including property taxes, is limited to $10,000 per tax return.

For example, interest on a mortgage used to purchase a second home that is secured by the second home is deductible but interest on a home equity loan used to purchase a second home that is secured by the taxpayer’s main home is not deductible. This is a relatively rare scenario, but if it applies to you, you should discuss it in more depth with your tax planning professional.

 · There are two types of debt that qualify for the mortgage interest tax deduction: acquisition debt and equity debt. Acquisition debt is any secured loan you get to buy, build, or remodel your main or second home. It includes refinanced debt up to the amount of your old mortgage balance just before doing the refinance.

You can deduct rental expenses, including mortgage interest, property taxes, insurance premiums, fees paid to property managers, utility bills, and 50% of any depreciation on the property.

The deduction especially helps younger homeowners and those with a second home You can deduct mortgage interest on both a primary residence and a second home. The primary residence is where you live.

If you are liable for part of a debt, you can deduct only your share of the total interest paid or accrued. Example: Sandra and her daughter, Sally, purchase a rental house together. Both their names are on the deed, but only Sally’s name is on the mortgage.