Mortgage interest

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  #1  
Old 03-19-2013, 10:06 PM
tommy steam tommy steam is offline
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Default 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?
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Old 03-20-2013, 12:51 AM
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Its been talked about for awhile..problem is with so many people losing their homes this may fall by the way side again
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Old 03-20-2013, 08:47 AM
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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.
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Old 03-20-2013, 08:47 AM
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backing no home interest deductions = losing votes for politicians therefore it will not pass.

btk
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Old 03-20-2013, 09:28 AM
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Quote:
Originally Posted by buggyone View Post
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.
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Old 03-20-2013, 09:53 AM
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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.
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Old 03-20-2013, 10:00 AM
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Quote:
Originally Posted by billethkid View Post
backing no home interest deductions = losing votes for politicians therefore it will not pass.

btk
Exactly!
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Old 03-20-2013, 10:06 AM
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No worries - they can't pass anything these days!
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Old 03-20-2013, 12:23 PM
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A mortgage in The Villages? Do Villagers have mortgages?
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