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March 23, 2023
Question

I own a time share that I got a 1098 for . I don't spend 14 days there so according to the list this is not a second home. Where is this mortgage intrest deducted?

  • March 23, 2023
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1 reply

March 23, 2023

The 14 day rule only applies when you are renting out the property when you are not using it.  If this is not something you rent out and you only use it for personal use, then this does count as a second home so you would add the interest in where you entered it for your primary  home.  The same rules will apply to deduct this interest as it does for your primary home.  So, the loan must be to buy, build or substantially improve the property that it is secured by.  You are also subject to the $750,000 limit if purchased after 2018 ($1,000,000 if purchased prior)

 

You will do this by selecting>>Deductions and Credits>>Your home>>start next to 1098 Mortgage Interest.  

 

If you are renting out the property, then you would deduct the interest as a rental expense if you rented it for more than 14 days.  

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