I Bought A Condo In 2006 For Family/friends To Stay In While In Town. How Can I Deduct This From My Taxed?
I already have a house (that I live in) that I’ve been deducting mortage interest for the past five years. I’ve been told that I can deduct the condo mortgage interest on my taxes for a “second home”. I don’t know if milage is a factor in qualifing for a second home — the condo is only 3 miles from my house. My family/friends do not pay me rent when they stay in the condo. Having the condo has worked out very nice over the past six months because we get away from each other for 8-12hr/day when they are in town, but would even be better if I can fully deduct the mortgage interest from my taxes. Any suggestions on how to handle this situation on my taxes?
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July 10th, 2009 at 10:29 pm
Both the mortgage interest and the property taxes are deductible in just the same manner as your primary residence. It would not make a difference if it was next door. If anyone were ever to give your anything for staying there I am sure that it would be a “gift” to show their appreciation.
July 10th, 2009 at 11:10 pm
That’s still a second home. How you use it is your business, not the IRS’s. Deduct away!
July 10th, 2009 at 11:41 pm
Like the man said,, it’s your second home, the interest paid on the loan is 100% deductible. (if you itemize your deductions on Schedule A)
July 10th, 2009 at 11:50 pm
THIS YEAR JUST ADD THE MORTGAGE FROM YOU HOME AND THE condo AND YOU’RE PROPERTY TAXES ASWELL. BY NOT REPORTING THEM U’RE NOT GETTING BACK MONEY U SHOULD.