U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-10-2009, 10:11 AM
 
1 posts, read 3,851 times
Reputation: 10

Advertisements

I got married on 12/28/08. I owned my home and have mortgage interest to deduct on my 2008 taxes. My husband also owned his own home and has mortgage interest to deduct in 2008. Since we will be filing our 2008 taxes jointly will we both be able to include the interest paid on our mortgages on our joint 2008 tax return?
Reply With Quote Quick reply to this message

 
Old 03-10-2009, 10:17 AM
 
Location: WA
5,292 posts, read 20,697,476 times
Reputation: 5622
yes.
Reply With Quote Quick reply to this message
 
Old 03-10-2009, 04:19 PM
 
Location: Sacramento
2,568 posts, read 5,837,600 times
Reputation: 1905
Quote:
Originally Posted by epfiglia View Post
I got married on 12/28/08. I owned my home and have mortgage interest to deduct on my 2008 taxes. My husband also owned his own home and has mortgage interest to deduct in 2008. Since we will be filing our 2008 taxes jointly will we both be able to include the interest paid on our mortgages on our joint 2008 tax return?
Yes. We moved mid year and bought a house before selling the previous one so we deducted both.
I think the only time you can not deduct is if it is a rental property.
Reply With Quote Quick reply to this message
 
Old 03-13-2009, 06:24 AM
 
Location: Eastern Colorado
3,757 posts, read 4,397,860 times
Reputation: 4850
Quote:
Originally Posted by suzie02 View Post
Yes. We moved mid year and bought a house before selling the previous one so we deducted both.
I think the only time you can not deduct is if it is a rental property.
Even with a rental property you can deduct the interest, it just goes on the schedule E as an offset of the income from the rental.

As for the OP's situation, yes you can deduct both houses as personal residences on your schedule A.
Reply With Quote Quick reply to this message
 
Old 03-13-2009, 09:41 AM
 
Location: Sacramento
2,568 posts, read 5,837,600 times
Reputation: 1905
Quote:
Originally Posted by jwiley View Post
Even with a rental property you can deduct the interest, it just goes on the schedule E as an offset of the income from the rental.

As for the OP's situation, yes you can deduct both houses as personal residences on your schedule A.
Thanks for clarifying. Yeah, I meant rental property interest can not be deducted on schedule A where home interest can.
Reply With Quote Quick reply to this message
 
Old 03-13-2009, 10:21 AM
 
16,700 posts, read 18,909,509 times
Reputation: 6793
I understand that you can deduct from both houses but I wonder if there is a hard limit on how many houses you can deduct... like how about 5 houses...
Reply With Quote Quick reply to this message
 
Old 03-13-2009, 12:41 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
20,774 posts, read 37,441,293 times
Reputation: 20766
I'm trying to get info from IRS on this as it applies to NON-PRIMARY vs. Primary resident, and they have some pretty definitive ways to track deductible interest.

(I no longer need to 'itemize', so I wanted to 'shift' my interest deduction in primary res (Which I could easily pay off) to offset rental income on property that I paid off with my cash back from 4.125% 're-fi' on primary resident. (Which the IRS won't allow)

Any income prop funds need to be separate and not from co-mingled funds. With the proper paper trail, it MAY BE possible to use a HELOC interest deduction on primary residence to offset income on a 'personally' held rental (Or in same title form as primary home... i.e. trust).

You need to be SURE that the line-of-credit that is used in the rental activity IS NOT used for personal stuff. You can do this with multiple HELOCs if necessary.

Second homes and part-time rentals have specific rules to follow. I have my doubts the IRS will be keen on multiple homes over 2, I guess we need to ask John MCain, or his EX-finance adviser, the infamous Carly.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top