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-   -   Mortgage interest (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/mortgage-interest-73062/)

tommy steam 03-19-2013 10:06 PM
Mortgage interest
 
So I am watching tv today and on one of the programs, they say congress is looking to stop the mortage interest deductions on second homes. So if you own your home you will be able to take the deduction but if you have a second or vacation , no deduction . Did anyone else hear this?

asianthree 03-20-2013 12:51 AM
Its been talked about for awhile..problem is with so many people losing their homes this may fall by the way side again

buggyone 03-20-2013 08:47 AM
Not being political here - Eliminating the mortgage interest deduction was one point stressed by some of the candidates for President. This was NOT just for 2nd or vacation homes but for all homes.

I, also, have heard that Congress is very serious about eliminating the mortgage interest deduction for homes that are not your principal residence. This would definitely be a good idea to reduce the deficit without raising taxes.

billethkid 03-20-2013 08:47 AM
backing no home interest deductions = losing votes for politicians therefore it will not pass.

btk

tommy steam 03-20-2013 09:28 AM
Quote:
Originally Posted by buggyone (Post 645464)
Not being political here - Eliminating the mortgage interest deduction was one point stressed by some of the candidates for President. This was NOT just for 2nd or vacation homes but for all homes.

I, also, have heard that Congress is very serious about eliminating the mortgage interest deduction for homes that are not your principal residence. This would definitely be a good idea to reduce the deficit without raising taxes.
I was just wondering how it would affect homes here in the villages. Many people here have bought second homes for rental and to use on a vacation . Would this put a damper on the sale of homes here,if one could not deduct the mortgage interest on those homes? I think it would.

blueash 03-20-2013 09:53 AM
IRS rules on deducting the mortgage interest on a second home:

Second home. A second home is a home that you choose to treat as your second home.
Second home not rented out. If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year.
Second home rented out. If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home.

justjim 03-20-2013 10:00 AM
Quote:
Originally Posted by billethkid (Post 645465)
backing no home interest deductions = losing votes for politicians therefore it will not pass.

btk
:ho: Exactly!

gomoho 03-20-2013 10:06 AM
No worries - they can't pass anything these days!:blahblahblah:

Villages PL 03-20-2013 12:23 PM
A mortgage in The Villages? Do Villagers have mortgages?


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