Can I deduct the mortgage interest and property tax on my second home?
If you do NOT rent out your second home during the taxable year, the mortgage interest and property tax are generally deductible.
If you rent it out, you must use it for more than 14 days or more than 10% of the number of days you rent it out, whichever is longer.
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Can I deduct elderly nursing home expenses?
Yes, the entire cost is a deductible medical expense if the main reason is for medical care. However, if it is for personal reasons, only the cost of the actual medical care is a deductible medical expense (meals and lodging costs are not).
Is home equity loan interest deductible?
Yes, you may deduct home equity loan if it does not exceed $100,000 (max is $50,000)
Is home equity loan interest deductible?
Yes, you may deduct home equity loan if it does not exceed $100,000 (max is $50,000)
Can I deduct the interest I paid to the IRS?
No, interest or penalties paid to the IRS are not deductible.
Can I deduct the interest I paid to the IRS?
No, interest or penalties paid to the IRS are not deductible.