m2m
Initiate Member
Joined: Dec 19, 2011 0:17:52 GMT -5
Posts: 81
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Post by m2m on Mar 30, 2012 10:18:05 GMT -5
Hello!
Two co-op apartment units located in NY - owner lives in NJ. Occupied by children - they do not pay rent nor the monthly fees which include underlying co-op mortgage interest and real estate taxes.
Owner stays in one unit for some weekends. Can owner claim mortgage interest and real estate taxes on the NY co-op units in addition to his own NJ esidence?
Thank you.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Mar 30, 2012 13:14:19 GMT -5
real estate taxes on owned property (in the US) are always deductible (subject to AMT limits), but interest is limited to a "first" and "second" home and only on a combined average loan amount of 1,000,000 to acquire, build or improve a home and 100,000 in home equity (subject to AMT limits)....
so, you have a split answer....
there may be gift tax issues related to the "free rent" for his/her kids...
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m2m
Initiate Member
Joined: Dec 19, 2011 0:17:52 GMT -5
Posts: 81
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Post by m2m on Mar 30, 2012 14:28:09 GMT -5
Thank you mwcpa.
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