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Ok follow-up question...if have 3 mortgages totaling over one

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million(not rentals)...Do I have to...
Ok follow-up question...if have 3 mortgages totaling over one million(not rentals)...Do I have to only use two houses, period.....or can i break it down so i use the equivalent of the one million total in interest deduction...I assume i can use all my real estate taxes, until amt negates.
Submitted: 6 years ago.Category: Tax
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3/30/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. Unfortunately, you are limited to two homes...your primary home and one secondary home. I'm sorry. Yes, you can deduct all your taxes.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
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