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allycat


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MzHartz may know the answer to this...I hope. Or anyone else that might be in this situation.



We bought the house this year and still own (and owe on the other one) Is there a limit on the number of mortgages we can deduct the interest from? I cant seem to find any limit but I am concerned because we have it broke into 4 smaller loans instead of two large ones. Any info?

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MzHartz


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The number of loans doesn't make a difference. But I believe you can only deduct interest from your primary place of residence. I'll double check.

Also, if you rented the 2nd house out, you'll have to report the rent income.

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allycat


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I read some place that you can deduct 1st and 2nd homes I was just worried about it being in more than one loan. My expenses far outweigh the rent I have collected this year so I am ok on that. I only collected rent for a couple months and not enough to even cover the interest and taxes I paid on it. hmm.gif

Thanks smile.gif

-- Edited by allycat at 14:31, 2008-01-31

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MzHartz


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As long as you have 1098 for each loan, it does look like first and second homes, so you should be good. Like I said, the number of loans really doesn't matter.

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allycat


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clap.gif yay!

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allycat


Cat Scratch Diva

    



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Date:
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clap.gif yay!

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