Discussion:Mortgage interest deduction question
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Discussion Forum Index --> Tax Questions --> Mortgage interest deduction question
| 7 August 2006 | |
| TP has owned home for several years, has a mortgage on it. He buys "second home", and gets a mortgage on it. He works on his "second home" for several months, then moves into it, and THEN converts his other home into a rental property. TP can deduct the interest on BOTH mortgages on Schedule A for the tax year he owns two homes (before converting the original to a rental property). The fact that he was doing major improvements on the "second home" before moving into it does not prevent the interest deduction on Schedule A, does it? | |
Death&Taxes (talk|edits) said: | 7 August 2006 |
| I see no reason he can't deduct it as long as the construction/improvements do not stretch over two years. | |
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