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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55442
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I am getting married in Dec. We both own a house. I am trying

Customer Question

I am getting married in Dec. We both own a house. I am trying to sell mine but am having difficulties. We are living in her house. Can we file jointly and claim the interst on both houses? We are not renting out my house.
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good evening. Yes, you can claim the interest on one as your principal residence and the second as your second home.



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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55442
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Customer: replied 6 years ago.

So to be clear....


1. We can file Jointly as married and do not need to file Married Fileing Seperately?


2. Since I am not renting my house and simply trying to sell, WE can claim the interest paid on the mortage on my house, and the interest paid on the mortgage on her hourse?


3. I can deduct interest on mortgages for up to 2 qualifying homes? Is there a limit on the amount I can deduct? The total value of both houses together is less than $600K.


4. If I rent the house then I understand that I cannot deduct the interest?


5. Can you provide the IRS publication referencing this for me?





Expert:  jgordosea replied 6 years ago.

1. Yes if you are legally married by 12/31/2010 you can file MFJ.


2. Yes, you can claim mortgage interest on two houses used for personal purposes.


3. The limit is that the total loans are not more than $1 million of debt that was to acquire the houses and debt of $100,000 not used to build or acquire (like home equity debt).


4. If you rent the house (at fair rental value) you will deduct the interest against the rental income on Schedule E instead of as an itemized deduction on Schedule A.


5. See Publication 936 (2009), Home Mortgage Interest Deduction -

"Second home rented out. If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home."


You are welcome.



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