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Old 12-25-2016, 10:00 AM   #1
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Taxes

Last year I asked my cpa about taking off interest taxes and insurance on my d p as a second home , but he never gave me any feed back on this. Has anybody been doing this?
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Old 12-25-2016, 10:05 AM   #2
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"Mortgage" i.e. loan interest is deductable. I am not aware of insurance being a deduction unless used for business.

You can research it on IRS.GOV
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Old 12-25-2016, 10:06 AM   #3
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Quote:
Originally Posted by monacojohn View Post
Last year I asked my cpa about taking off interest taxes and insurance on my d p as a second home , but he never gave me any feed back on this. Has anybody been doing this?
I've been taking off taxes on my RV for years. Not insurance though!
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Old 12-25-2016, 10:07 AM   #4
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I agree with Bluepill.
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Old 12-25-2016, 10:28 AM   #5
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Interest on a loan via claiming g it as second home. However not insurance or other expenses.
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Old 12-25-2016, 11:17 AM   #6
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Mortgage yes and taxes depending on the state.
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Old 12-25-2016, 12:51 PM   #7
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Loan interest for sure but it doesn't go on the same line as your house interest paid. It goes on a separate line. Property taxes for sure if your state allows it.

Look for the taxman to chime in, he knows exactly where the deduction goes on your return.

Insurance is not deductible, you don't deduct your house insurance do you?
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