Is this a first home or second home for mortgage point deduction purposes?

Forum|Forum|3 years ago
September 27, 2022
1 reply
9 views

TP lives in the State of Washington. Rents an apartment.

Bought a home in CA, which is his vacation home when he visits his parents. The CA property is the only home he owns. He rents an apartment in WA, but I just said that.

Paid points.

Points for a second home can only be amortized.

Base on these facts, is the home in CA treated as his first home or second home?

I know he wouldn't qualify for the Section 121 exemption when he sells the CA residence. I'm just asking about the deduction of the points.

Lacerte Tax

This topic has been closed for replies.

Best answer by sjrcpa

Second home.

His first home is his rented apt.

sjrcpaAnswer

Level 15

Second home.

His first home is his rented apt.

The more I know the more I don’t know.

joshuabarksatlcsAuthor

Level 9

Thank you!

Always a pleasure hearing from you.

(The weather has been all over me.... .

my way of saying I have been under the weather.)

I come here for kudos and IRonMaN's jokes.

IRonMaN

Level 15

Maybe you should book a trip on one of those billionaire space flights so that you can get above the weather instead of being under it.

Slava Ukraini!

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