I have three homes: a primary residence, summer home, and ski lodge. I am confused over the mortgage interest deduction rules. I paid about $100,000 in interest on my primary home, $50,000 in interest for my summer home, and $45,000 in interest for my ski lodge. I rented the summer home for 2 months of the year. How much interest can I deduct in total if my income is $450,000 a year?

ANSWER

Expert Mark Anderson's Answer:

You can deduct the interest on two homes as long as the debt on the homes is less than $1 million.   You might be able to deduct the interest if you rent out the homes so you can deduct the interest on schedule E.    Here is some information:

http://www.ehow.com/about_7464020_tax-deduction-interest-home.html

http://www.irs.gov/publications/p936/ar02.html

Mark Anderson, JD

Montana

21 yrs experience

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