How many mortgages can I write the interest off of on my taxes?
In 2007, I paid interest on a construction loan, a mortgage and a loan on a RV. I’ve written off the interest on the RV loan in the past as I was told it is considered a second home. Can I write off the interest on all 3 or just 2?
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you can’t do that. you can only deduct mortgage on your primary residence.
and you don’t “write them off,” you itemize the deductions.
if the RV is registered with the DMV at your regular address, it is not a second home and the interest is not tax deductible.
It would have to be registered and located a significant distance away to be a second home. The IRS might also require records showing that you actually lived there part of the year. {Example: if your W-2s show that you lived and worked for 50 weeks of the year at your regular address, IRS might try to deny a deduction for interest on the RV even if it is located 280 miles away in a vacation region. I have not found a controlling case where this was plainly set out by the Tax Court or other court.}
construction loans qualify as mortgages for the mortgage interest deduction if the property is your residence, but do not do so if the property is held as a rental or investment.
residential mortgage interest is only deductible if you itemize deductions.
On the construction loan the interest will be deductible if you are building a home that you intend to occupy within 24 months.
The mortgage loan interest is deductible if it is for your primary residence. The mortgage interest on a second home which you use as a residence for some portion of the taxable year, is generally deductible if the interest satisfies the same requirements for deductibility as interest on a primary residence. Most RVs qualify as a second home.
IRS publication 936 states:
“For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.”
No, the limit is 2, your “main home” and your “second home” although you pretty much get to decide what your “second home” is.