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Question

Purchased Second Home in 2021

Forum|Forum|4 years ago
March 17, 2022
1 reply
0 views

We purchased an investment property for our daughter and grand-daughters to live in following a divorce. Are we able to claim any mortgage and points benefits even though we are filing using the Standard Deduction?

Employee

If you are using your standard deduction you cannot itemize too--- so pick one. If you do not have enough itemized deductions to exceed your standard deduction then you just use the standard deduction. You can use the mortgage interest and property tax on your second home as deductions IF you itemize.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**