23-06-2009, 12:33
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#16 |
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Join Date: Sep 2007 Location: Nevis, West Indies
Boat: Island Packet 380 "The Belle of Virginia"
Posts: 4,518
| Quote:
Originally Posted by grunzster  I don't own a house, so what about as a first home? | Here's what the IRS says about it in their rules (excerpt)... Quote: Qualified Home
For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities....
Main home. You can have only one main home at any one time. This is the home where you ordinarily live most of the time.
Second home. A second home is a home that you choose to treat as your second home.
| Source: IRS Publication 936 |
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