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| John D Ambrogio |
The IRS seems to be looking a bit more closely at mortgage interest deductions, according to The Daily Real Estate News. Even for luxury real estate holders, the mortgage interest deduction is one of the biggest helps that the IRS provides to the rich. You can deduct your interest on up to a cool million of mortgage payments (plus real estate taxes) on the total paid out for your primary and vacation homes.
But it seems that the IRS is enforcing more and more of the complex rules and recording requirements, which can be very confusing for the average home owner, even millionaire home owners! For example, mortgages acquired after 1987 (um….22 years ago?) are subject to different loan deduction regulations than those older loans. Advice – Seek a good tax attorney. These tax breaks are too good to give up!
This is interesting information, John thanks for the post. Homeowners need to hang on to every write-off they can get. Times are tough and as we (or me, not you!) get older, we have fewer write-offs since no kids in college, childcare, etc… Thanks!
Great advice! With all the changes comming down the pipe.