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Old 11-21-2011, 01:26 PM
 
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Can we do mortgage interest tax deductions on investment homes? If yes, is there a cap on the # of homes or the amount of loan?

We are looking into purchasing a 3rd home and wanted to know if I could tax deduct mortgage on this new property?
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Old 11-21-2011, 01:36 PM
 
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Originally Posted by vauser View Post
Can we do mortgage interest tax deductions on investment homes? If yes, is there a cap on the # of homes or the amount of loan?

We are looking into purchasing a 3rd home and wanted to know if I could tax deduct mortgage on this new property?
Are your renting out the property? If so, I know one rule that will apply if you are a passive owner - the ability to deduct will start to phase out if you make over $100,000 (filing jointly) and will phase out completly at either $150K or $160K (can't remember which).

I'm not sure if the same rule applies if you don't use it as a rental property. We can deduct ZERO off our house in FL.
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Old 11-21-2011, 04:23 PM
 
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