gbsteph
Oct 15, 2020Explorer
Tax Right off
So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?
gbsteph wrote:The write-offs you are seeking come about if you itemize your deductions. What is deductible is the interest if it is financed and possibly the taxes if they do not exceed the SALT (state and local taxes) limitations that currently are $10,000 for a couple filing a joint return. Be aware that the SALT limitations are a cumulative inclusive of those taxes on your primary residence, the taxes on your RV and any other eligible taxes.
So, does anyone right off their TC as a second home if it meets the Bedroom, bathroom and kitchen requirements?