Question

Your client, phil, can convert his principle residence to a vacation home and treat it as a second home for tax purposes ___________________.

Answer 1

Your client, Phil, can transform his principal residency into a vacation home and treat it as a second house for tax purposes As of the date the modification takes place.

Is qualified residence stake deductible?

You can remove home mortgage interest on the first $750,000, and $375,000 if married filing separately of indebtedness. However, higher limits of $1 million ($500,000 if married filing separately) apply if you are deducting a mortgage claim from indebtedness incurred before December 16, 2017.

If you sell your home, you can lower your taxable capital gain by the number of your selling costs including real estate agent commissions, legal fees, advertising costs, title insurance, administrative costs, escrow fees, and inspection fees.

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