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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55132
Experience:  29 years of experience as a tax, real estate, and business attorney.
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If you purchased a vacation or 2nd home in August of 2011,

Customer Question

If you purchased a vacation or 2nd home in August of 2011, how many days must you spend in the home to claim property taxes or interest on your 2011 return?
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good morning. You can take the property taxes and mortgage interest you pay just by owning doesn't matter how many days you have spent in it.



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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Customer: replied 5 years ago.
On Federal 1040 form can I take total property taxes and interest paid in 2011 for both houses? Please clarify. I guess I was confused on whether one of the houses was rented out during the year. Of course neither of these were.
Expert:  Richard replied 5 years ago.
If you rented one of them, then that's a rental property and you must report it on Schedule E of your 1040. If they are not rentals, you can take them both on Schedule A. The interest deduction is limited by the interest deduction caps in place.