I don't believe that is the case. You might want to ask your CPA, but mine said that all three can be deducted.Me, at least til now....![]()
Someone told me if you have a second mortgage on your primary residence, you can't take the deduction for the "second home"....? Ugh......
Just browsed the IRS publication and I see no such thing. The biggest impact of a second mortgage seems to be that the interest deduction on each home (primary or secondary) may be limited by the value of the home. If you got up to 125% LTV with a second mortgage and then the value of your house has dropped since then, you could have a problem deducting all the interest on that home, but it has nothing to do with whether you can deduct for two homes or not.Me, at least til now....![]()
Someone told me if you have a second mortgage on your primary residence, you can't take the deduction for the "second home"....? Ugh......
By the way, this is where amended tax returns are a beautiful thing. It's a surprisingly simple process - the form is essential a "redo" of the 1040, with special spots to designate the change from the originally filed version.Me, at least til now....![]()
Someone told me if you have a second mortgage on your primary residence, you can't take the deduction for the "second home"....? Ugh......
I am with you on this one. I also agree wth JuneBug, and am with her on points. We have no debt short of the mortgage ( and now a small outback loan), and this probably will only be a few more years, however. With Mortgage interest, day care for 3, 3 children for deductions, charitable giving, property taxes....and I am sure I am missing some other reasons, we still itemize so.....might as well get it while I can. Hopefully, by the time we get the house paid off, the outback will have been free and clear and we can use the mortgage money to save up for the outback upgrade in cash. Of course I am still gonna have my 9 year old mortgage (Drew), 5 year old mortgage (Delaney) and 1.5 year old morgage (Courtney) but I see more return for my money in them than anything else of value I have.Good for you JuneBug. Most people get tripped up on missing the brutal truth that a deduction never saves you as much as avoiding the thing in the first place - that is to say the deduction is never as big as the total cost. BTW, you even paid cash for your house?
For those of thus that financed these things, you certainly don't want to miss this deduction though.
That also is my FIL nickname and he's in his 60's. His whole family calls him that. Story was that when he was a kid he swallowed a junebug. JamesNo, we do have a small mortgage. We were not on the debt free lifestyle when we bought the house, but we have been making tripple payments for a few years now and the mortgage will die in 2.5 years! When we started this we had $80K in consumer debt, mostly student loans. We went completely crazy, came unglued even and paid the debt off in 18 months and WE ARE NEVER GOING BACK!!!! We lived on beans and rice during that time, but we became closer than ever, it actually tempered us, we worked this together, it was hard but worth it. We can make tripple payments on the mortgage now because we do not have any consumer debt (I should have been more clear earlier).
BTW...I now JuneBug sound like a screen name for a girl/lady, but I'm the 39 years old dad! :-0 My 5 years old little girl's middle name is Juen and she helped my pick out the screen name....I couldn't say no to her!!!!![]()
Somehow those mortgages never get paid. In fact sometimes they grow. At least in numbers. One new daughter-in-law, one new son-in-law and one grand daughter.Of course I am still gonna have my 9 year old mortgage (Drew), 5 year old mortgage (Delaney) and 1.5 year old morgage (Courtney) but I see more return for my money in them than anything else of value I have.![]()
Now that's impressive!!!No, we do have a small mortgage. We were not on the debt free lifestyle when we bought the house, but we have been making tripple payments for a few years now and the mortgage will die in 2.5 years! When we started this we had $80K in consumer debt, mostly student loans. We went completely crazy, came unglued even and paid the debt off in 18 months and WE ARE NEVER GOING BACK!!!! We lived on beans and rice during that time, but we became closer than ever, it actually tempered us, we worked this together, it was hard but worth it. We can make tripple payments on the mortgage now because we do not have any consumer debt (I should have been more clear earlier).
BTW...I now JuneBug sound like a screen name for a girl/lady, but I'm the 39 years old dad! :-0 My 5 years old little girl's middle name is Juen and she helped my pick out the screen name....I couldn't say no to her!!!!![]()
Now that's impressive!!!No, we do have a small mortgage. We were not on the debt free lifestyle when we bought the house, but we have been making tripple payments for a few years now and the mortgage will die in 2.5 years! When we started this we had $80K in consumer debt, mostly student loans. We went completely crazy, came unglued even and paid the debt off in 18 months and WE ARE NEVER GOING BACK!!!! We lived on beans and rice during that time, but we became closer than ever, it actually tempered us, we worked this together, it was hard but worth it. We can make tripple payments on the mortgage now because we do not have any consumer debt (I should have been more clear earlier).
BTW...I now JuneBug sound like a screen name for a girl/lady, but I'm the 39 years old dad! :-0 My 5 years old little girl's middle name is Juen and she helped my pick out the screen name....I couldn't say no to her!!!!![]()
Most of the people prefer to take the deductions until they pay the total amount so it all depends on the IRS regulations. |
To avoid such taxes and other costs, I always prefer to rent out the campers whenever I needed. In this way I can experience various vehicles and sometimes the luxurious ones that I can not afford. |
Full time RV lifestyle was a very good thing and avoided any housing expenses, but now the city laws are discouraging this lifestyle and a person cannot park it even in his own house parking. Certain new taxes are also imposed on them so it is really discouraging these days. |