In this one-minute moment, Dr. Friday delves into the tax implications of owning a second home. Can it be tax deductible? The answer might surprise you. Whether it’s a brick-and-mortar house or a motor home, understanding the nuances of mortgage interest and lines of credit can make a significant difference on your tax return. Tune in to get the insights and ensure you’re making the most of your investments.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
So here’s the question. If you have a second home, is it tax deductible? And the answer could be yes. If it’s not a rental, we can write it off, but it has to be true mortgage interest. It cannot be a line of credit. So that’s where we have to make sure that you’re doing your lines or loans a lot different than we used to worry about. So if you have a first or you have a second, and in theory people, motor homes can be considered second homes on IRS tax forms. So if you have questions about how or what you’re doing on your taxes, you might want to give us a call at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.