The Insider's Guide to Real Estate Investing Loopholes by Diane Kennedy;Dolf de Roos

Author:Diane Kennedy;Dolf de Roos
Language: eng
Format: mobi
Published: 2008-05-09T15:05:00+00:00

WHAT IS A PRINCIPAL RESIDENCE?

A principal residence includes a house, condominium, mobile home, motor home, boat, or house trailer that contains sleeping space, toilet, and cooking facilities. You can have only one qualified principal residence. You can also have one qualified second residence.

Home Mortgage Interest Deductions

As we keep saying, nothing is easy when it comes to the Tax Code. Here are the rules to fully deduct home mortgage interest deductions. You must:

? Make less than $139,500 (or your itemized deductions including the mortgage interest deduction will begin to phase Out).

? Have debt of less than $1 million for acquisition of your home.

? Not have more than $100,000 in home equity debt.

? lie able to prove you used the acquisition debt to directly acquire or substantially improve your property.

? I lave the debt secured by the property.

Note: None of these rules apply to debt for your rental properties.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.