Monday, July 28, 2008

Vacation Home Mortgage: Tax Deductible Interest?

Did you know that the interest you pay on a vacation home is general deductible from your itemized federal tax return -- but only up to a limit of $1 million? That $1 million ceiling means the "total amount" counted as "home acquisition debt" at any time on your main home and second home" combined. If you are married and filing separately, it is only $500,000. For full details, see the IRS publication 936 Part II, which is available on the IRS Web site.

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